Qualcomm reports 24% profit rise on strong phone sales

Qualcomm posted a 24% increase in fiscal third-quarter profits and raised its annual earnings and profit estimates on strong demand for mobile phones that surf the Internet and download music and video, an Associated Press report said.

The Associated Press report said the company earned $798 million in the three-month period ended July 1, up from $643 million, the same period last year.

Revenue totaled $2.33 billion, up 19% from $1.95 billion last year and higher than analyst estimates of $2.27 billion, the report said.

Qualcomm is the world's second-largest supplier of chips for mobile phones after Texas Instruments, the report said.
The company is embroiled in several high-stakes trade and legal disputes.

In June, the US International Trade Commission banned imports of many new phones that carry Qualcomm chips after finding that the company infringed on a patent that protected rival Broadcom's technology to conserve battery power, the report said.

The Associated Press report said Qualcomm raised its annual revenue estimate to between $8.72 billion and $8.82 billion from between $8.4 billion and $8.7 billion.