Qualcomm Guides Higher; Shares Rise

Qualcomm(QCOM Quote) raised guidance for its fiscal third quarter and full-year 2008, citing the global migration to higher-speed 3G wireless networks.

The San Diego, Calif.-based wireless telecom product maker said it now expects earnings to be 54 cents to 55 cents, compared with prior guidance of 50 cents to 52 cents. Revenue is expected to come in at the high end of Qualcomm's guidance range of $2.5 billion to $2.7 billion, which would mean an increase of 8% to 16% from year-ago levels.

Qualcomm added that as the fundamental drivers of its business remain strong, it has raised its fiscal 2008 earnings guidance range to approximately $2.09 to $2.13 a share, up from the range of $2.04 to $2.09 a share. The company did not provide an update to fiscal 2008 revenue, which it previously said would fall in the range $10 billion to $10.4 billion. ...