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Qualcomm's Profit Rises 29 Percent

Published on April 20, 2011
by Don Clark

Qualcomm Inc. provided more evidence of surging demand for smartphones and tablet-style computers, posting a 29 percent increase in fiscal second-quarter earnings on revenue that jumped 46 percent.

The San Diego-based company said it benefited not only from growing demand for its chips–used in various classes of cellphones–but also a rise in their average selling prices as users gravitated toward more-sophisticated models. Qualcomm gets much of its profit from patent royalties charged to hardware companies, based on a percentage of the price of each handset.

The company’s results, which exceeded analyst projections and its own estimates, caused its stock to jump in after-hours trading.

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