Qualcomm

(QCOM) - Get Report

said late Tuesday that itwill hit the high end of Wall Street's first-quartertargets.

The San Diego-based wireless giant said it expectsto earn 26-27 cents a share for the quarter endingDec. 26 on revenue of $1.4 billion. Those figuresexclude the results of the company's venture capitalarm, Qualcomm Strategic Ventures.

Qualcomm made 23 cents a share a year ago and hadpreviously guided Wall Street to expect around aquarter a share for the current quarter. The companyhad forecast revenue of $1.3 billion to $1.4 billion.

The company also said royalty reports indicateQualcomm should expect sales of about 40 million newCDMA/WCDMA units, which is a shade below the company'sprevious 41 million unit guidance. The royalty reportsindicate that the average selling price of newCDMA/WCDMA units is $212, a dollar below Qualcomm'starget.

"3G CDMA continues to grow worldwide at a rapidpace," said CEO Irwin Mark Jacobs. "Reports from ourlicensees indicate that infrastructure sales wereparticularly strong in the September quarter. Drivingthese results were new deployments and phones andexpansions to existing CDMA2000 1xEV-DO networks. Inaddition, WCDMA deployments continue and recentfavorable results from Hutchison's 3G servicedemonstrate that operators can leverage high-speeddata, greater capacity and resulting lower costs tospeed transition of subscribers to third-generationnetworks."

Qualcomm rose $1.04 Tuesday to $43.98.