Qualcomm raises full-year profit outlook, shares rise
SAN FRANCISCO (Reuters) - Leading mobile chipmaker Qualcomm Inc (QCOM.O) raised its 2013 profit outlook, giving its stock a boost, even as its current-quarter revenue estimate missed Wall Street expectations.
Qualcomm posted fiscal third-quarter revenue of $6.24 billion and net income of $1.58 billion, or 90 cents a share, boosted by growing demand for smartphones in Asia.
It said revenue in the current quarter, which ends in September, would range from $5.9 billion to $6.6 billion.
Analysts on average had expected third-quarter revenue of $6.055 billion and fourth-quarter revenue of $6.293 billion, according to Thomson Reuters I/B/E/S.
For the fiscal third quarter, non-GAAP earnings per share were $1.03, in line with expectations.
Qualcomm estimated 2013 non-GAAP earnings of $4.48 to $4.56 per share. Its previous forecast was $4.40 to $4.55.
Shares of Qualcomm rose 1.66 percent in extended trade after closing down 1.46 percent at $61.39 on Nasdaq.