was climbing about 3% on news that the company has reaffirmed its third-quarter guidance.
In a press release Tuesday, Qualcomm said that based on the current business outlook, the company expects pro forma third-quarter earnings per share in the range of 21 cents to 23 cents, with revenue growth of 3% to 6%.
Analysts polled by Thomson Financial/First Call are currently expecting the wireless technology company to earn 22 cents a share with revenue of about $679.6 million.
For the full year, Qualcomm forecast pro forma earnings of 90 cents to 95 cents with revenue growth of about 4% to 8%. The outlook is based on the expected growth of the CDMA phone market in the second half of 2002 and sales of 80 million to 85 million CDMA phones in calendar 2002. The company also expects a 5% to 10% annual decrease in the average selling prices of CDMA phones upon which royalties are calculated. First Call analysts are expecting the company to earn 89 cents for the year.
Shares of Qualcomm were recently trading up 2.6% to $32.72 on the news after closing at $31.89 Monday.