The chipmaker's shares climbed 7.5% to $62.48 before market open on share volume of 47,415 after Qualcomm surged past analysts' estimates, boosted by robust smartphone demand.
The San Diego company reported revenue of $4.87 billion and earnings of 89 cents a share. Qualcomm's revenue represented an 18% year-over-year hike and a 5% sequential increase. Analysts surveyed by Thomson Reuters were looking for earnings of 82 cents a share on revenue of $4.659 billion.
Qualcomm, which is a key Apple (AAPL - Get Report) partner, also offered healthy guidance. For the first quarter, the company expects revenue between $5.6 billion and $6.1 billion, and non-GAAP earnings between $1.08 and $1.16 a share. Analysts forecast sales of $5.295 billion and earnings of $1 a share.Early on Thursday, the chip specialist's incubator subsidiary, Qualcomm Labs, also announced the first firms for funding through its QualcommLabs@EvoNexus program. They are: Arynga, a software solutions and services company; FatSkunk, which has developed software for mobile malware detection; and Breadcrumbs, a mobile app for Android and iOS that provides an automatic timeline of a user's day. Arynga and FatSkunk will both receive $250,000 in funding, with Breadcrumbs receiving $50,000. Apple was also a gainer in premarket trading, rising 0.77% to $562.3 on share volume of 77,897. The tech giant's shares closed down 3.83% on Wednesday. Shares of software maker Concur Technologies (CNQR), however, plunged 8.99% to $59.12 with investors unimpressed by the travel and expense management specialist's fourth-quarter results on Wednesday. Despite comfortably beating analysts' profit estimate, Concur's revenue came in just below Wall Street's forecast. Facebook (FB - Get Report) shares were unchanged at $20.47 on share volume of 56,750. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.
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