Mobile-chip maker Qualcomm raises outlook
Mobile-chip maker Qualcomm raised its 2013 profit outlook, giving its stock a boost, even as its current-quarter revenue estimate missed Wall Street expectations.
"We see expanding opportunities for growth of 3G/4G devices around the globe," Qualcomm CEO Paul Jacobs said in a statement.
After the earnings announcement, the company's shares climbed 5 percent in extended-hours trading. What's Qualcomm stock doing now? (Click here for the latest after-hours quote.)
Qualcomm posted fiscal third-quarter revenue of $6.24 billion and net income of $1.58 billion, or 90 cents a share, boosted by growing demand for smartphones in Asia.
It said revenue in the current quarter, which ends in September, would range from $5.9 billion to $6.6 billion.
Analysts on average had expected third-quarter revenue of $6.055 billion and fourth-quarter revenue of $6.293 billion, according to Thomson Reuters.
Excluding items, the company reported earnings of $1.03 per share, as expected.