Qualcomm's Q3 beats targets, raises expectations

Qualcomm posted a very strong third quarter: adjusted earnings came in at $934 million, a 29 percent increase over year-ago levels and up 11 percent from Q2. Sales for the quarter came in at $2.33 billion, up 19 percent from last year and 5 percent higher sequentially.

Looking ahead: Qualcomm boosted its chip forecast, calling for about 66.5 million in shipments for the fourth quarter. Qualcomm estimates that about 92 million phones will be shipped during the quarter, too. The company expects adjusted profit to total $1.96 a share on about $8.77 billion in sales for the full fiscal year. Expected average selling price for its phones moving forward is $216, up from previous guidance of $208.

For more on Qualcomm's Q3:
- read this press release