Qualcomm lifts outlook

Mobile industry bellwether Qualcomm has raised its full-year guidance after beating second quarter expectations.
Its Nasdaq stock rose 5.09% overnight following release of the forecast.
The company said Wednesday it now expects earnings per share to grow 92%-96%, up from the earlier guidance of 80%-92%. Full-year revenue is forecast to increase by between 3%-6%, compared with the previous 0%-6% guidance.
Qualcomm also believes sales of CDMA-based phones – which includes 2G CDMA, 3G and 3.5G devices – will rise 23%.
“Our financial performance this quarter exceeded our prior expectations, driven by record MSM chipset shipments, favorable product mix and continued strong demand for 3G devices around the world,” said CEO Paul Jacobs.
Shipments of 3G MSM chipset in the quarter increased 10% year-on-year and 11% sequentially, Qualcomm said.

Net income was $767 million, up 4% over the same period last year, and revenue was up 2% to $2.71 billion.