Qualcomm Inc. shares soared as much as 10% after the world’s biggest seller of smartphone processors gave an upbeat forecast, suggesting that demand for handsets is increasing after a two-year slump.Revenue in the three-month period ended in June will be $8.

Qualcomm on Wednesday forecast quarterly sales and adjusted profit above Wall Street expectations, driven by selling more and pricier chips into Android smartphones with artificial-intelligence features.

Qualcomm reported stronger-than-expected financials for the March quarter, beating consensus estimates on both topline and earnings. See why QCOM stock is a Buy.