Qualcomm raises fiscal 2011 outlook

Reuters
4:17 PM, E.T. | January 26, 2011
Technology

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Qualcomm Inc. (QCOM-Q) raised its forecast for 2011 revenue and predicted robust second-quarter revenue as sales of its wireless device chips accelerate.

Qualcomm said revenue rose to $3.35 billion US in the December quarter, up 25 percent from the year-ago quarter. That was a bit above analysts' average estimate of $3.2 billion US, according to Thomson Reuters.

The company said current-quarter revenue would climb to between $3.45 billion and $3.75 billion. Analysts on average had expected $3.1 billion.

Qualcomm estimated fiscal 2011 revenue between $13.6 billion and $14.2 billion. Analysts had expected $12.8 billion.

Shares of Qualcomm rose nearly 4 percent to $53.65 following the report, after closing up 0.66 percent at $51.86 on the Nasdaq.

The company reported a net income of $1.17 billion for first quarter, ended Dec 26, up 39 percent from the year-ago quarter.

Excluding items, Qualcomm earned 82 cents per share.

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