Qualcomm (QCOM) revealed stronger-than-expected first-quarter sales and earnings late Wednesday, lifted by growing demand for smartphones and licensing fees.
The San Diego-based chipmaker, which provides equipment to smartphones like Apple’s (AAPL) iPhone and Google’s (GOOG) Android, reported a 36% year-over-year increase in net income to $1.91 billion, or $1.09 a share.
Excluding one-time items, Qualcomm said it earned $1.26 a share, widely ahead of average analyst estimates of $1.13 in a Thomson Reuters poll.
Revenue for the three-month period grew 29% from the year-earlier period to $6.0 billion, edging just ahead of the Street’s view of $5.9 billion, led by record device sales and MSM ship shipments.
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