Qualcomm forecast second-quarter revenue and profit below Wall Street estimates on Thursday as the chipmaker grapples with the combined toll of weak demand for smartphones and a supply glut, a situation that is expected to persist into the first-half of this year. The stock, which initially rose 2.7% in after-hours trading, fell 3%. "The handset industry continues to experience reduced demand, and we are now expecting elevated channel inventory levels to persist at least through the first half of calendar 2023," Cristiano Amon, Qualcomm CEO told investors.