(Adds stock movement, analyst quote) By Chavi Mehta and Jane Lanhee Lee BANGALORE/OAKLAND Calif. Feb 2 (Reuters) - Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday as the company grapples with the combined toll of weak demand for smartphones and a supply glut. Still, while inflation and macroeconomic uncertainty has hurt consumer electronics sales, Qualcomm has been somewhat buffered by the fact it focuses on premium smartphones, a market that has higher margins. Smartphone chip firms including Apple supplier Qorvo forecast downbeat earnings as its customers continued to clear bloated inventory.