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Qualcomm Shares Rise on Higher Forecast
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Wireless chip developer Qualcomm raised its outlook for the June quarter and full year Thursday, helped by demand for advanced mobile phones, triggering a 4 percent rise in its shares.
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Qualcomm [QCOM
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] said it expects pro forma revenue for its fiscal third quarter ending June 29, to be "slightly above" the high end of its previous forecast of $2.5 billion to $2.7 billion.
Wall Street was looking for revenue of $2.6 billion, according to Reuters Estimates.
The company forecast pro forma earnings per share to reach 54 cents to 55 cents, compared with an earlier view of 50 to 52 cents.
Chief Executive Paul Jacobs said in a statement that he expects Qualcomm to benefit from strong sales of advanced third generation phones that use the company's chips.
"We are expecting another successful quarter driven by the continued global migration to 3G," Jacobs said. "March quarter reports by our licensees indicate an increased mix of high-end devices driving a higher average selling price."
For the full year, Qualcomm increased its pro forma earnings forecast to a range of $2.09 to $2.13 per share, above a previous estimate of $2.04 to $2.09.
The company had raised its full-year earnings forecast in April, but the range had disappointed investors, with some worrying that growth may be concentrated in low-end phones.
Qualcomm shares rose $1.86 to $48.17 in morning trading.
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