Qualcomm Forecasts Double-Digit Sales Growth
Qualcomm forecast double-digit sales growth for this fiscal year as its quarterly results beat Wall Street estimates due to strong demand for its cellphone chips.
The company's shares rose more than 9 percent after the announcement. (Click here for the latest after-hours quote.)
The mobile chip maker estimated full-year revenue of $18 billion to $19 billion, an increase of 20 to 27 percent from a year ago, and 7 to 13 percent growth in earnings per share.
By comparison, rivals Broadcom and Texas Instruments had both warned last month that revenue could slip on weaker demand this quarter.
In its fiscal fourth quarter, which ran until end September, Qualcomm posted net earnings of $1.06 billion, or 62 cents per share, compared with $957.98 million, or 53 cents per share, in the year-ago quarter.
The current quarter included charges related to the company's QSI segment, share-based compensation, taxes and acquisition-related items.
Excluding items, the company posted earnings of 80 cents a share.
Revenue rose 39 percent to $4.12 billion, compared with Wall Street expectations for almost $4 billion according to Thomson Reuters.