Qualcomm posted higher quarterly profits and revenues and increased projections for its fiscal year ending in September.
For the quarter that ended March 30, Qualcomm posted a 5.5% rise in net income, reporting $766 million, or 47 cents a share, up from $726 million, or 43 cents a share for the same period last year. Revenue was up to $2.61 billion from $2.22 billion.
For the fiscal year, Qualcomm said its expects earnings between $2.04 a share and $2.09 a share on revenue from $10 billion to $10.4 billion. Previously, the company predicted annual profits between $2.01 a share and $2.07 a share and put revenue at $9.6 billion to $10 billion.
Qualcomm CEO Paul Jacobs commented about the results, in a statement, saying: “We delivered another strong quarter as worldwide adoption of 3G CDMA-based products and services continue to accelerate. Together with our partners, our ongoing focus on innovation, execution and quality provides compelling solutions for the global wireless market.”