Qualcomm Profit Rises on Web-Phone Demand
Mobile phone chip and technology supplier Qualcomm on Wednesday posted a profit for its fiscal third quarter and revenue rose amid increasing demand for phones with high-speed Web links.
The company, which also announced a legal settlement with Nokia on Wednesday, said its net profit was $748 million, or 45 cents a share for the quarter ended June 29, down 6 percent from the year-ago quarter. Before items such as its investment arm, Qualcomm said it earned 55 cents a share.
Revenue rose 19 percent to $2.8 billion from the year-ago quarter. In June, Qualcomm forecast pro forma earnings per share of 54 cents to 55 cents on revenue of more than $2.7 billion.