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Qualcomm posts quarterly profit, revenue rises

NEW YORK
Wed Jul 23, 2008 11:31pm EDT

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The U.S. flag flies next to one of Qualcomm's many buildings in San Diego, California, July 22, 2008. REUTERS/Mike Blake

NEW YORK (Reuters) - Mobile phone chip and technology supplier Qualcomm Inc (QCOM.O) on Wednesday posted a profit for its fiscal third quarter and revenue rose amid increasing demand for phones with high-speed Web links.

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The company, which also announced a legal settlement with Nokia (NOK1V.HE) on Wednesday, said its net profit was $748 million, or 45 cents a share for the quarter ended June 29, down 6 percent from the year-ago quarter. Before items such as its investment arm, Qualcomm said it earned 55 cents a share.

Revenue rose 19 percent to $2.8 billion from the year-ago quarter. In June, Qualcomm forecast pro forma earnings per share of 54 cents to 55 cents on revenue of more than $2.7 billion.

(Reporting by Sinead Carew, editing by Phil Berlowitz, Gary Hill)
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