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Mobile-chip maker Qualcomm raises outlook

Qualcomm Inc., Chairman and CEO Dr. Paul E. Jacobs.
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Qualcomm Inc., Chairman and CEO Dr. Paul E. Jacobs.

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.

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