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UPDATE 1-Qualcomm forecasts current-quarter revenue below estimates

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July 31 (Reuters) - Qualcomm Inc missed quarterly revenue estimates and forecast current-quarter revenue below analysts' expectations on Wednesday, sending its shares down 5% in extended trading.

The below-expectations forecast follows upbeat results from chipmakers Texas Instruments and Intel Corp that had eased investor concerns around demand due to a protracted Sino-U.S. trade war and the fallout from restrictions on sales to China's Huawei Technologies.

Qualcomm also lowered its outlook for the number of smart devices with modem chips that would be sold in 2019 to 1.7 billion to 1.8 billion, down from a previous estimate of 1.8 billion to 1.9 billion. The company collects license fees from smartphone makers for using its patents in their devices and more device sales often results in higher revenue and profits.

The company's modem chip shipments fell 22% to 156 million in the third quarter, missing analysts' estimate of 160.1 million, according to FactSet.

Qualcomm forecast total revenue of between $4.3 billion and $5.1 billion for its fourth quarter, below analysts' average estimate of $5.63 billion, according to IBES data from Refinitiv.

Revenue, excluding an extraordinary gain, fell to $4.9 billion in the third quarter, missing analysts' estimates of $5.08 billion.

Qualcomm's revenue for the quarter excluded a roughly $4.6 billion payment from Apple Inc for previously unpaid royalties while the two were in a legal dispute.

Including the payment, revenue was $9.64 billion.

Excluding items, the company earned 80 cents per share, beating analysts' average estimate of 75 cents. (Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila)