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.

Contact Earnings


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More