Qualcomm's third-quarter revenue beats Street

SAN FRANCISCO, July 23 Wed Jul 23, 2014 4:10pm EDT

SAN FRANCISCO, July 23 (Reuters) - Leading mobile chipmaker Qualcomm Inc posted higher fiscal third-quarter revenue that beat analysts' expectations as demand in the smartphone market shifts to China and other price-sensitive developing countries.

The chipmaker on Wednesday reported third-quarter revenue of $6.81 billion, up 9 percent from the year-ago period. Analysts on average had expected third-quarter revenue of $6.52 billion, according to Thomson Reuters I/B/E/S.

Qualcomm had third-quarter net income of $2.24 billion, up 42 percent. GAAP diluted earnings per share were $1.31. Its non-GAAP earnings per share were $1.44, well above the midpoint of its previous forecast of between $1.15 and $1.25. (Reporting by Noel Randewich; Editing by Chizu Nomiyama)