Qualcomm Earnings Jump, Beating Estimates
Qualcomm Inc. reported a 35 percent jump in earnings on Wednesday afternoon thanks to strong demand for wireless devices that utilize the company’s CDMA technology.
The San Diego-based company, which makes chipsets used in wireless devices and licenses out its technology to other manufacturers, also issued a current-quarter outlook that was slightly ahead of Wall Street’s estimates. Shares fell more than two percent in after-hours trades after closing the regular session with mild gains.
For the fiscal third quarter, which ended June 31, Qualcomm reported net income of $1.04 billion, or 61 cents a share, compared to net income of $767 million, or 47 cents a share, for the same period the previous year.