Qualcomm beats Wall street, raises guidance, shares rise

Qualcomm raised its full-year revenue guidance to a range of $23.4 billion to $24.4 billion from its previous target of $23 billion to $24 billion.

It raised its earnings per share target to a range of $4.25 to $4.45 from its previous forecast range of $4.12 to $4.32.

Qualcomm posted a profit of $1.91 billion or $1.09 per share for the quarter ended Dec. 30, compared with a profit of $1.4 billion or 81 cents per share in the year-ago quarter.

Excluding unusual items, the San Diego-based company reported earnings per share of $1.26 compared with Wall Street expectations of $1.13.

Revenue rose to $6.02 billion from $4.68 billion in the year-ago quarter and compared with Wall Street expectations for $5.9 billion.

Qualcomm shares rose to $67.40 in late trade after closing at $63.53 in the regular Nasdaq session. The last time its shares reached this level in regular Nasdaq trading was in early April 2012. Its shares reached a post-dotcom bubble high of $68.87 in late March of 2012.