Qualcomm posts higher quarterly revenue, raises 2013 target

NEW YORK Wed Jan 30, 2013 4:08pm EST

NEW YORK Jan 30 (Reuters) - Qualcomm Inc posted higher, fiscal first-quarter revenue and raised its financial targets for the full year of 2013 due to improving demand for its wireless chips.

The leading supplier of chips for cellphones on Wednesday posted a profit of $1.91 billion or $1.09 per share for the quarter ended Dec. 30, compared with a profit of $1.4 billion or 81 cents per share in the year-ago quarter.

Revenue rose to $6.02 billion from $4.68 billion in the year-ago quarter and compared with Wall Street expectations for $5.9 billion, according to Thomson Reuters I/B/E/S.