Qualcomm reports strong earnings in first quarter
San Diego-based Qualcomm Inc., which makes chips for wireless devices, announced Wednesday its earnings were up significantly in the first quarter.
Qualcomm reported net income of $841 million, or 50 cents a share, in the quarter ended Dec. 27, compared to $341 million, or 20 cents a share, during the same period last year.
“We are pleased with our performance this quarter, driven by healthy demand for our chipsets, strong shipments of 3G devices by our licensees and lower operating expenses,” said Paul Jacobs, Qualcomm’s chief executive officer.
The company reported sales of $2.67 billion in the first quarter, up 6 percent from $2.52 billion during the same period last year.