This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Qualcomm Steams Past Sales Targets

NEW YORK ( TheStreet) -- Qualcomm (QCOM - Get Report) 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 - Get Report) CDMA ( Verizon (VZ - Get Report)) 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.

>To contact this writer, click here: Scott Moritz, or email:

To follow Scott on Twitter, go to

>To send a tip, email:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
QCOM $51.11 0.00%
VZ $51.32 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs