Qualcomm raised its profit forecast for the fourth quarter, citing higher-than-expected shipments of its chip sets for more advanced cellular phones, an Associated Press report said.
The Associated Press report said Qualcomm now targets earnings of $0.64 to $0.65 per share, up from its previous forecast of $0.41 to $0.43 per share.
The company projects revenue will come in 'at or slightly above' its earlier estimate of $2.15 billion to $2.25 billion for the quarter, the report said.
The company said its revised estimate is based on the shipment of about 67 million to 68 million Mobile Station Modem chips during the quarter, compared to its prior estimate of 65 million to 68 million units, the report further said.