intense competition, we're pretty optimistic on our financial outlook for 2013, Keitel told Reuters. Qualcomm told analysts on a conference call that it was able to boost its 28 nanometer chip supply significantly in the fourth quarter and that it is on track for supply to match demand for these 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.