Qualcomm raises financial forecast

Qualcomm lifted its forecast for fourth quarter earnings citing a stronger demand for its chips. The company said profit will range from 32 cents to 33 cents a share, up from its prior forecast of 29 cents to 31 cents a share. Qualcomm expects shipments of its MSM chips to reach 40 million. The company originally expected between 38 million and 40 million. Revenue should range from $1.48 billion to $1.58 billion, up from the original $1.43 billion to $1.53 billion projection. Qualcomm typically issues financially conservative forecasts only to change them a month before the quarter's end with higher estimates. However, the company reduced its projection early in 2005, leading many to prepare for a possible slowdown.

For more on Qualcomm's updated forecast:
- read this article from Market Watch