Shares of Qualcomm Inc. shot up nearly 3 percent in trading on the Nasdaq exchange July 25 to above $63 after the mobile chip maker reported better than expected third quarter results.

Revenue for the quarter that ended June 30 hit a record $6.2 billion, up 35 percent from the like quarter of last year. Its net income was $1.6 billion, up 31 percent from the same period.

Chairman and CEO Paul Jacobs said the company’s Snapdragon chip solution was “prominent in a broad set of flagship smartphones, and 3G/4G device average selling prices were stronger than expected.”

Based on improved sales, Qualcomm revised guidance for the fiscal year that ends September 30 to finish in a range of $24.3 billion to $25 billion, which would mean annual growth of 27 to 31 percent.

The company also raised its projected net profit on a per share basis to come in at $4.48 to $4.56, or 23 percent above the per share profits of the prior fiscal year.

For the fourth quarter, Qualcomm forecast revenue of $5.9 billion to $6.6 billion, while diluted earnings per share would finish from $1.02 to $1.10.

The company said during the third quarter it spent $1 billion to repurchase 16.7 million shares of common stock, and paid out $604 million in dividends.

Despite that expenditure, Qualcomm’s cash holdings are $30.4 billion, compared to $26.5 billion at the end of the 2012 third quarter.

— SDBJ Staff Report