Wireless technology company Qualcomm Inc. posted a higher fiscal first-quarter profit Wednesday as revenue rose on strong cellphone demand.
San Diego-based Qualcomm said it expected second quarter earnings of 28 cents a share to 30 cents a share on revenue of $1.63 billion to $1.73 billion. It expects second quarter wireless chip shipments of 44 million to 46 million compared with about 37 million a year earlier.
Net income for its quarter ended Dec. 25 rose to $620 million, or 36 cents per diluted share, from $513 million, or 30 cents per share, a year earlier. Excluding items such as its investment arm, Qualcomm said it earned 39 cents a share.
Total revenue rose to $1.74 billion from $1.39 billion a year ago.
On average, analysts were expecting first-quarter earnings of 38 cents a share on revenue of $1.76 billion, according to Reuters Estimates.
Qualcomm dominates the market for chips based on CDMA, a mobile phone technology that is popular in the United States. It also makes chips for phones based on W-CDMA, a high-speed wireless technology that is emerging in Europe.or stocks .