By Maria Armental

Chipmaker Qualcomm Inc. is expected to report higher third-quarter profit and revenue, helped by high demand from smart phones and internet-of-things devices. Analysts and investors will be looking for discussion around:

PROFIT: Analysts surveyed by FactSet expect profit to increase to $1.38 a share, or $1.68 a share as adjusted.

REVENUE: Analysts expect revenue to increase to about $7.53 billion.

What to watch:

SMARTPHONES: The mobile-phone chip-making giant's earnings report comes a day after Apple Inc., one of its largest customers, reported record quarterly profit with revenue up by more than one-third from the year earlier. That bodes well for Qualcomm, which has also been picking up business as handset volume from China's Huawei Technologies Co. shifted to other original equipment manufacturers.

SHORTAGES: Company officials had said they expected material improvements by the end of 2021 due to planned capacity builds and multisourcing initiatives. Investors will be looking for more information. On Tuesday, Apple executives cautioned that supply constraints would worsen in the September quarter and to primarily hit iPhones and iPads.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

07-28-21 1142ET