delivered strong fiscal second-quarter earnings late Wednesday, exceeding Wall Street's targets while upping its guidance for the current quarter and full year.
The wireless technology developer posted adjusted income of $894 million, or 54 cents a share, in the most recent quarter. Those numbers were up 8% from year-ago levels and 4% sequentially. Analysts were looking for a pro forma profit of 52 cents, according to Thomson Financial.
Sales totaled $2.60 billion in the quarter, roughly 17% above last year and 7% ahead of the fiscal first quarter. The revenue number beat the $2.50 billion mark analysts were expecting.
"We continue to execute on our strategic objectives and are pleased to see positive momentum in the marketplace," said Paul Jacobs, chief executive officer of Qualcomm, in a statement. "The fundamental drivers of our business remain strong, and based on the current business outlook, we are raising fiscal 2008 revenue and earnings per share guidance."
Qualcomm is predicting a fiscal third-quarter adjusted profit of 50 cents to 52 cents a share, in line with estimates. Sales are expected to range from $2.5 billion to $2.7 billion, compared with expectations for $2.47 billion.
The company also lifted its fiscal 2008 earnings target to a range of $2.04 to $2.09 a share, which is at the lower end of Wall Street's estimates. Qualcomm expects to exceed analysts' consensus sales view of $9.94 billion for the year, though.
Qualcomm shares finished up 34 cents, or 0.8%, at $41.89 and were rising another 0.3% in post-close trading.
, which added Qualcomm to its list of chip suppliers and reports earnings Thursday, rose 4.4% in regular trading to $9.55 but slipped 2% in extended action.
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