This Day On The Street
Continue to site
ADVERTISEMENT
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's Shares Surge as Business Goes Gangbusters

NEW YORK ( TheStreet) -- Qualcomm (QCOM - Get Report) shares climbed more than 6% after the chipmaker blew past Wall Street's fiscal first-quarter estimates and offered robust second-quarter guidance.

The San Diego-based firm reported revenue of $6.02 billion, a 29% increase from a year earlier and well above analysts' forecast of $5.9 billion.

Excluding items, Qualcomm earned $1.26 a share, a rise of 30%. Analysts surveyed by Thomson Reuters were looking for earnings of $1.13 a share.

Qualcomm CEO Paul Jacobs pointed, in particular, to sales of the company's Mobile Station Modem (MSM) chips, which are found in devices such as smartphones.

"We are pleased to report record quarterly revenues, non-GAAP EPS and MSM chip shipments, driven by the growing global demand for smartphones and our industry-leading portfolio of 3G/LTE chipsets," he said in a statement released after the market close.

Qualcomm is projecting fiscal second-quarter revenue between $5.8 billion and $6.3 billion and earnings between $1.10 a share and $1.18 a share. Analysts surveyed by Thomson Reuters were looking for revenue of $5.88 billion and earnings of $1.10 a share.

Shares of Qualcomm climbed 6.7% to $67.76 in extended trading.

In a separate announcement, Qualcomm said Bill Keitel is retiring as the company's CFO. George Davis, currently CFO of Applied Materials (AMAT - Get Report), will replace Keitel effective March 11.

-- Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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
Submit an article to us!
SYM TRADE IT LAST %CHG
AMAT $19.36 0.00%
QCOM $68.37 0.00%
AAPL $125.80 0.00%
FB $77.56 0.00%
GOOG $530.80 0.00%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs