Qualcomm reports record quarter

City News Service

Qualcomm on Wednesday reported record revenues and earnings per share in the first quarter of its fiscal year, fueled by increased demand for smart phones and similar devices.

Revenues were $3.35 billion in the three-month period ended Dec. 26, up 25 percent from the same time a year ago. Net income was $1.11 billion, a 26 percent jump, according to the developer of advanced wireless technologies.

The company reported quarterly earnings per share of 71 cents, an improvement of 42 percent over the year-ago period.

"We continue to execute on our strategic objectives as our partners leverage our technologies and solutions to offer leading wireless products and services to consumers around the globe," said Dr. Paul Jacobs, the company's

chairman and CEO.

"We believe we are uniquely positioned to benefit from these industry trends and are substantially raising our revenue and earnings guidance for the fiscal year," he said.

The firm also reported it had about $19.1 billion in liquid assets at the end of the quarter.

   
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