NEW YORK, Nov 15 (Reuters) - Chip supplier Qualcomm Inc said on Thursday that it expects a compound annual growth rate of at least 10 percent for its revenue and earnings per share over the next five years.
Chief Executive Paul Jacobs included the estimate in his presentation at the company’s annual investor day.
Jacobs said that he expects continued growth from sales of chips for devices including smartphones and tablet computers despite a weak global economy.
On Nov. 7 Qualcomm reported fiscal year 2012 earnings per share of $3.51, up 39 percent from the year before and revenue of $19.12 billion up 28 percent from the year before. Its fiscal year ended Sept 30.
Due to increasing demand for these devices, Jacobs said that the weak economy has had a “somewhat muted” effect on Qualcomm.
The executive said he doesn’t seen any reason to change Qualcomm’s dividend policy and that the company would have a balanced approach to returning money to shareholders.
In its fiscal year 2012 it bought back about $1.3 billion worth of stock and paid out $1.6 billion in dividends.
Qualcomm shares were up 5 cents at $61.78 in afternoon trade on Nasdaq.