Qualcomm Earnings, Outlook Top Forecasts; Shares Jump
Qualcomm delivered quarterly results and an outlook for the current quarter that beat analysts' expectations on Wednesday, sending its shares higher in after-hours trading.
The company, which makes chips used in cellphones and other wireless devices, posted fiscal first-quarter earnings excluding items of 97 cents per share, up from 82 cents a share in the year-earlier period.
Net income was $1.395 billion, up from $1.17 billion a year ago.
Revenue was $4.68 billion, a 40-percentincrease from $3.35 billion a year ago.
Analysts had expected the company to report earnings excluding items of 90 cents a share on $4.58 billion in revenue, according to Thomson Reuters.
The company said it expects earnings for the current quarter, which ends March 12, to be between 91 and 97 cents a share. The current consensus was for 89 cents a share.
After the earnings announcement, the company's shares in extended trading to trade at their highest since April 2000. (Click here to get after-hour quotes for Qualcomm.)
The company also raised its financial targets for full-year 2012 on strong demand for its wireless chips.