Qualcomm shares soared 9% after the report and remained up 6% Thursday as investors cheered the wireless tech revival.
Strong sales of communications chips and a bounty of royalty collections helped drive Qualcomm's performance amid an increasingly hot smartphone market.
But beyond phones, Qualcomm has some other irons in the white-hot wireless bonfire, like dual core SnapDragon processors, 4G chips, an emerging tablet business -- and, even more immediate, the Apple (AAPL) iPhone for Verizon (VZ).The strength of smartphone demand came as a surprise, even to Qualcomm. "We continued to see very strong shipments of smartphones," said Qualcomm chip chief Steve Mollenkopf on an earnings call with analysts. "A little bit more than we even thought a couple of quarters ago." The surge has some CDMA iPhone number built in that certainly opens a big new market, but it also caused Qualcomm to warn that inventory levels would be rising. "We believe at least some of the inventory build this quarter is a result of shipping CDMA chips into
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