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Qualcomm Steams Past Sales Targets

Stocks in this article: QCOM AAPL VZ

NEW YORK ( TheStreet) -- Qualcomm (QCOM) blew past Street targets on strong smartphone sales.

The San Diego wireless shop posted adjusted earnings of 82 cents a share, up 32% from the year-ago quarter and a dime above analysts estimates calling for pro forma profit of $72 cents.

Sales for the fiscal first quarter ended last month were $3.35 billion, up from the $2.67 billion level a year ago and more than the $3.2 billion analysts were looking for.

"We are very pleased to report record revenues, earnings per share," CEO Paul Jacobs said in a press release. "Chipset shipments this quarter were driven by increased demand for smartphones and data-centric devices across an expanding number of regions and price points," Jacobs continued.

Looking ahead, the company says it expects sales to be $3.6 billion for the March quarter, half a billion higher than the $3.1 billion analysts were expecting. And the company says chip shipments will be in the range of 115 million for the March period, slightly below the 120 million range analysts estimated.

For the full fiscal year, Qualcomm raised projected sales to $13.9 billion, well above the $12.8 billion analysts were looking for.

On phones, Qualcomm says it booked December quarter royalties on 167 million units sold in the September quarter; that is more the 160 million range expected for the quarter.

The average selling price per phone (ASP) in the December quarter was about $204, above the $190 range expected. For the full fiscal year, Qualcomm raised its ASP estimate $5 to $195.

In recent months investors have been jazzed about Qualcomm's role in the surging sales of smartphones. Qualcomm also is sitting in a sweet spot as a supplier Apple's (AAPL) CDMA ( Verizon (VZ)) iPhone and the potential opportunity to supply 4G chips to the iPhone 5.

Qualcomm shares jumped $1.89, or 3.6%, to $53.75 in after-hours trading Wednesday.

--Written by Scott Moritz in New York.

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