January 16, 2018 / 2:58 PM / a year ago

Qualcomm's 2019 profit, revenue forecasts top estimates

Jan 16 (Reuters) - Qualcomm Inc on Tuesday gave a much higher than expected outlook for 2019 revenue and profit as the U.S. semiconductor firm tries to rebuff a hostile bid from Broadcom Ltd.

Qualcomm forecast adjusted per share profit to be between $6.75 and $7.50 on a revenue of $35 billion to $37 billion in 2019.

Analysts on an average expected a profit of $3.79 per share on revenue of $23.59 billion, according to Thomson Reuters I/B/E/S.

In November, Qualcomm’s board rejected Broadcom’s $103 billion cash-and-stock bid, saying it undervalued the company.

Shares of the San Diego, California-based Qualcomm rose 2.2 pct to $66.84 in early trading. (Reporting by Muvija M and Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

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