Qualcomm's shares rose more than 8% on Thursday after the company forecast first-quarter results ahead of Wall Street estimates as the chip designer benefits from a recovery in the smartphone market and the launch of new Chinese handsets.

Qualcomm said it expects sales and adjusted profits for its fiscal first quarter, which will cover the holiday shopping season in U.S. and European markets, with a midpoint of $10.90 billion and $2.95 per share. Wall Street expected $10.59 billion and $2.86 per share, according to data from LSEG.