Qualcomm Swings to Profit

Qualcomm has reported second quarter net income of $774 million or 46 cents a share, compared with a net loss of $289 million or 18 cents a share in the prior quarter.
Author:
Publish date:

(Qualcomm earnings story updated with additional details.)

SAN DIEGO, Calif. (

TheStreet

) --

Qualcomm

(QCOM) - Get Report

has reported second-quarter net income of $774 million or 46 cents a share, compared with a net loss of $289 million or 18 cents a share in the prior quarter.

So far, calendar year 2010 3G device shipments are progressing in line with Qualcomm's expectations. For the third quarter, Qualcomm foresees adjusted revenues of $2.5 billion to $2.7 billion and earnings of 51 cents to 55 cents a share, reflecting a year-over-year decrease of 2% to 9% and year-over-year decrease of 6% to an increase of 2%, respectively.

This compares with the Thomson Reuters consensus estimate of 55 cents a share on revenue of $2.66 billion.

For the quarter, the company's adjusted earnings were at 59 cents a share.

Revenue was at $2.66 billion, compared to $2.46 billion in the prior year.

Thomson Reuters' average estimate of Qualcomm was 57 cents a share on revenue of $2.63 billion.

"We delivered strong financial results this quarter, driven by healthy 3G device shipments and greater than expected demand for our chipsets. 3G subscribers have now surpassed 1 billion worldwide and with the 3G auction process underway in India, the 3G footprint continues to expand globally," Qualcomm CEO Paul Jacobs said.**

-- Reported by Andrea Tse in New York

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.