Qualcomm Raises Fourth-Quarter Earnings Outlook

Qualcomm said Tuesday it would beat its target for fiscal fourth quarter earnings and would meet or beat the high end of its target revenue range.

The wireless chip and technology developer also said it had bought back $1.2 billion of its shares during the quarter.

Qualcomm said it now expects quarterly GAAP earnings per share of 64 cents to 65 cents compared with its previous expectation for 41 cents to 43 cents.

It said revenue would be at or slightly above the high end of its previously announced target range of $2.15 billion to $2.25 billion.