April 30 (Reuters) - Qualcomm ( QCOM ) on Wednesday forecast

third-quarter revenue just shy of Wall Street estimates,

expecting tepid demand for its smartphone chips as the CEO

expressed concern about the macroeconomic environment and global

trade.

The company's chips are currently excluded from U.S.

President Donald Trump's steep tariffs but slower economic

growth had hit demand.

For its current fiscal quarter, the company expects a sales

range with a midpoint of $10.3 billion, below analysts' average

estimates of sales of $10.35 billion, according to data compiled

by LSEG.

San Diego, California-based Qualcomm ( QCOM ) is the world's

biggest supplier of modem chips that connect smartphones to

wireless data networks.

It expects adjusted profits between $2.60 per share and

$2.80 per share. The midpoint is above estimates of $2.67 per

share.

Even though Qualcomm's ( QCOM ) chips so far have been excluded from

Trump's steep tariffs, escalating Sino-U.S. trade tensions have

cast a shadow over the company's revenue from its biggest

market. China accounted for about 46% of its total sales in its

last fiscal year.

Qualcomm ( QCOM ) categorizes geographical revenue on the basis of

its customer's headquarters.

"As we navigate the current macroeconomic and trade

environment, we remain focused on the critical factors we can

control - our leading technology roadmap, best-in-class product

portfolio, strong customer relationships and operational

efficiencies," CEO Cristiano Amon said in a statement.

While the U.S. government has granted smartphones and chips

special exclusions from steep tariffs, Trump has warned of

sector-specific levies to come for semiconductors.

Global smartphone shipments rose 1.5% in the first three

months of the year, according to data from research firm IDC,

with major Qualcomm ( QCOM ) customer Apple ( AAPL ) front-loading supply

to sidestep potential tariffs.

Qualcomm ( QCOM ) reported sales of $10.98 billion for its fiscal

second quarter ended March 30, beating estimates of $10.66

billion.