Qualcomm Inc. reported fiscal 2013 second quarter net income of $1.87 billion, down 16 percent from the like quarter last year on record revenue of $6.12 billion, up 24 percent from a year earlier.
The company said it was raising its 2013 forecast for 3G and 4G device shipments for a midpoint estimate of 937 million units, up from the prior midpoint estimate of 928 million units.
Qualcomm also raised its revenue estimate for the year that ends Sept. 30 to a range of $24 billion to $25 billion, for an annual growth of 26 to 31 percent. The prior estimate called for total revenue to finish in a range of $23.4 billion to $24.4 billion.
“We delivered another strong quarter as the worldwide adoption of smartphones continues,” said Chairman and CEO Paul Jacobs.
Qualcomm’s chips are found in most smartphones and other wireless devices. It also collects license revenue from all companies that use its patented CDMA technology.
For the third quarter, Qualcomm forecast its revenue at $5.8 billion to $6.3 billion, and operating earnings per diluted share coming in a range of 97 cents to $1.05.
Qualcomm continues to amass a significant sum of cash on its books. As of March 31, it reported holding cash and marketable securities totaling $30.5 billion, up from $26.6 billion for the like quarter of 2012.
The firm increased its quarterly cash dividend this month to 35 cents, up from the prior quarterly dividend of 25 cents per share. The dividend will be paid June 26 to stockholders of record as of June 5.
— SDBJ Staff Report