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Qualcomm Hits Revenue High Of $3.8B in Q2

Qualcomm Inc. reported record revenue of $3.88 billion and net profit of just under $1 billion for its fiscal 2011 second quarter ended March 27.

The company that develops and makes wireless chips used in a wide variety of devices beat Wall Street analysts’ expectations by a wide margin sending shares to $57.90, up by more than 4 percent from the previous day’s closing price, in trading on the Nasdaq exchange following the close of regular trading April 20.

On a fully diluted basis, Qualcomm reported quarterly earnings of 59 cents, up 29 percent from the prior year’s second quarter, but down 17 percent from the first quarter.

The second quarter revenue was up 46 percent from the second quarter of 2010.

Chairman and Chief Executive Officer Paul Jacobs said the company was raising its earnings guidance for the third quarter to a range of 68 to 72 cents per share excluding certain items. Revenue for the current quarter was projected at $3.25 billion to $3.65 billion, up 24 percent to 35 percent above an earlier forecast.

Qualcomm said it settled a second legal dispute with a licensee, and obtained an additional $401 million in revenue from prior quarters as a result of this and another settlement with a licensed partner.

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