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UPDATE 1-Qualcomm posts higher 1st-quarter revenue, shy of Street

SAN FRANCISCO, Jan 29 (Reuters) - Leading mobile chipmaker Qualcomm Inc posted higher fiscal first-quarter revenue that slightly missed expectations as smartphone growth shifted from developed economies to China.

The chipmaker on Wednesday reported first-quarter revenue of $6.62 billion, up 10 percent from the year-ago period. Analysts on average had expected first-quarter revenue of $6.665 billion, according to Thomson Reuters I/B/E/S.

It had first-quarter net income of $1.88 billion, down 2 percent. GAAP diluted earnings per share were $1.09. Its non-GAAP earnings per share were $1.26.

It said revenue in the fiscal second quarter, which ends in March, would range from $6.1 billion to $6.7 billion.

Analysts on average had expected first-quarter revenue of $6.665 billion and second-quarter revenue of $6.723 billion, according to Thomson Reuters I/B/E/S.

Qualcomm shares were up 1.59 percent in extended trading after closing down 1.21 percent at $71.12 on Nasdaq.

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