SAN DIEGO, Calif., ( TheStreet) -- Qualcomm (QCOM - Get Report) enjoyed a significant sales and profit jump during the company's fourth-quarter results, released after market close on Wednesday, as the Apple (AAPL - Get Report) partner sailed past Wall Street's estimates.
The chipmaker brought in revenue of $4.12 billion, up from $2.95 billion in the same period last year. Analysts surveyed by Thomson Reuters were looking for revenue of $4 billion.
|Qualcomm reported its fourth-quarter results after market close.|
Excluding items, Qualcomm earned 80 cents a share on net income of $1.37 billion, compared with 68 cents a share and net income of $1.1 billion in the prior year's quarter. Analysts were looking for earnings of 78 cents a share.Cited as one of the component suppliers most likely to reap the benefits of the push toward high-speed 4G networks, Qualcomm predicted first-quarter revenue between $4.35 billion and $4.75 billion and earnings between 86 cents a share and 92 cents a share. Analysts were looking for sales of $4.24 billion and earnings of 85 cents a share. Investors responded positively to the numbers, pushing Qualcomm's shares up $4.86, or 9.31%, to $57.04 in extended trading. "I am very pleased with our performance this year as we delivered record revenues, earnings and Mobile Station Modem (MSM) chipset shipments," explained Paul Jacobs, the Qualcomm CEO, in a statement. The ongoing popularity of smartphones and adoption of 3G technology, particularly in emerging markets, helped drive Qualcomm's results, he added. Jacobs also pointed to the upcoming launch of Qualcomm's Snapdragon chip for 4G LTE networks as a future growth driver for the company. Additionally, Qualcomm has forged a strong relationship with Apple in recent years, as evidenced by the RF transceiver chip within the new iPhone 4S. -- Written by James Rogers in New York >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com.