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), will replace Keitel effective March 11. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV