Qualcomm Third-Quarter Net Jumps 31 Percent on Mobile Chip Demand
Qualcomm Inc.’s fiscal third-quarter profit jumped 31 percent as the company reported strong growth in its sales of its wireless chips.
The company also raised the low end of its full-year revenue guidance and lifted its earnings view. It now expects per-share income of $4.48 to $4.56 on revenue of $24.3 billion to $25 billion. Qualcomm had previously projected earnings of $4.40 to $4.55 a share on revenue of $24 billion to $25 billion.
The San Diego-based chip maker has been one of the main beneficiaries of the growing popularity of smartphones, as it supplies wireless processors for a broad range of customers that include Apple Inc. and Samsung Electronics Co. and collects money from license payments tied to its technology.