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Qualcomm posts higher than expected revenue
CELLPHONE chip supplier Qualcomm’s fiscal third-quarter earnings and revenue beat Wall Street estimates on strong smartphone demand, sending its shares up 3.4 per cent after hours yesterday.
Qualcomm said earnings rose to $767m, or 47 cents per share, for the quarter ended 27 June, from $737m, or 44 cents per share, in the year-ago quarter.
Excluding unusual items and its investment arm, Qualcomm said it earned 57 cents per share, exceeding analyst’ average expectation for 54 cents. Revenue fell to $2.71bn from $2.75bn over the same period, but beat the average analyst expectation for $2.63bn. Qualcomm shares rose 3.4 per cent to $37.42 in extended trading after the news.