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Qualcomm’s First Quarter Tops Forecasts

Qualcomm Inc. beat Wall Street analysts’ expectations both in revenue and profit growth for its fiscal 2011 first quarter results released Jan. 26.

For its first quarter ended Dec. 26, the San Diego-based designer and maker of chips used in wireless devices and base stations reported $3.35 billion in revenue, up 25 percent over the like quarter of the 2010 fiscal year. The number was above the $3.2 billion average forecast by stock analysts.

Net income for the first quarter was $1.17 billion, up 39 percent from the prior fiscal year’s first quarter. On a diluted share basis, the profit was 71 cents, compared with 50 cents per share in the 2010 first quarter.

“It was just an all-around great quarter,” said Bill Kreher, an analyst with Edward Jones, quoted in an Associated Press report. “They are really in the sweet spot in the shift toward smart phones and tablets.”

Shares of Qualcomm, traded on Nasdaq under QCOM, soared by about $3 in after-hours trading to just below $55 Jan. 26, above the company’s previous 52-week high of $53.10.

Qualcomm also revised upward its guidance for the second quarter and the rest of the fiscal year, with revenue next quarter expected to be $3.45 billion to $3.75 billion.

For the full year, the company forecasts revenue of $13.6 billion to $14.2 billion.

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