Qualcomm Results Top Estimates; Shares Soar

Qualcommreported earnings and sales well ahead of Wall Street expectations Wednesday, sending shares of the company soaring in after-hours trade.

Qualcomm

The wireless chipmaker said it earned 68 cents a share in its fiscal fourth quarter, against 64 cents a share in the same period last year.

Revenue was reported at $2.95 billion, against $2.68 billion a year ago.

Stock analysts who follow the company had expected it to report earnings of 59 cents a share on sales of $2.85 billion, according to a survey conducted by Thomson Reuters.

Shares of Qualcomm , which closed regular New York trade at $45.75 a share, were last nearly 7 percent higher in extended trading. Get after-hour quotes for Qualcomm here.