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Qualcomm revenue bts Street, shares up

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San Diego-based Qualcomm was helped by pent-up demand for its most advanced wireless chips. (Reuters) San Diego-based Qualcomm was helped by pent-up demand for its most advanced wireless chips. (Reuters)
SummarySan Diego-based Qualcomm was helped by pent-up demand for its most advanced wireless chips.

chips by the end of December.

This was a key driver in boosting Qualcomm's revenue 18 percent to $4.87 billion from $4.12 billion in the year-ago quarter and well above Wall Street expectations for $4.66 billion according to Thomson Reuters I/B/E/S.

Excluding unusual items, its earnings per share was 89 cents a share compared with Wall Street expectations for 82 cents according to Thomson Reuters I/B/E/S.

We have to take our hat off to Qualcomm management here on their execution, JPMorgan analyst Rod Hall said in a research note referring to the company's ability to overcome its supply shortage.

Qualcomm's net profit for its fiscal fourth-quarter ended Sept. 30 rose to $1.27 billion, or 73 cents per share, from $1.06 billion, or 62 cents per share, in the year-ago quarter.

It estimated that first quarter earnings per share would increase to a range of 90 cents to 98 cents.

Shares of Qualcomm rose almost 8 percent to $62.74 in late trade after closing down almost 4 percent at $58.12 on Nasdaq.

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