Qualcomm forecasts second-quarter profit below estimates

(Reuters) - Qualcomm Inc forecast current-quarter profit below analysts' estimates as demand for the company's chips for mobile devices weakened amid stiff competition from Chinese and Taiwanese rivals.

Shares of Qualcomm, whose customers include Apple Inc , fell 3.4 percent to $46.85 in extended trading on Wednesday.

Qualcomm, the biggest maker of chips for mobile devices, is expected to also be hurt by Apple's slowing growth.

The iPhone maker forecast on Tuesday its first quarterly revenue drop in 13 years and reported the slowest-ever increase in iPhone shipments as the critical Chinese market showed signs of weakening.

Qualcomm forecast an adjusted profit of 90 cents to $1.00 per share and revenue of $4.9 billion-$5.7 billion for the second quarter.

Analysts on average were expecting earnings of $1.01 per share and revenue of $5.68 billion, according to Thomson Reuters I/B/E/S.

Qualcomm's weak forecast overshadowed its better-than-expected revenue and profit for the first quarter.

The net income attributable to Qualcomm fell 24 percent to $1.50 billion, or 99 cents per share, in the quarter ended Dec. 27. (http://1.usa.gov/1OQ64UT)

Excluding items, the company earned 97 cents per share, beating the average analyst estimate of 90 cents.

Total revenue fell 18.7 percent to $5.78 billion.

The company reported adjusted revenue of $5.77 billion, topping analysts' expectations of $5.69 billion.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Kirti Pandey)