Qualcomm Posts 2Q Results That Top Views, Shares Rise

By Features FOXBusiness

Qualcomm (QCOM) unveiled quarterly profits and sales that blew past Wall Street's expectations, sending shares higher by more than 4% in after-hours trading. 

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The telecommunications hardware maker said it earned 86 cents a share in its fiscal second quarter, excluding one-time charges, compared with profits of 59 cents the prior year -- easily beating consensus calls for 80 cents a share. 

Qualcomm reported non-GAAP revenue of $3.87 billion, besting forecasts of $3.62 billion. 

The company also issued a rosy outlook for current-year profits; it expects to earn between $3.05 and $3.13 on revenue between $14.1 billion and $14.7 billion.  

Qualcomm's bottom-line was helped by growing demand for smartphones in various regions, the company said in a release. 

The company's second-quarter results were affected by several one-time items including stock-based compensation, tax items, and fees due to arbitration with Panasonic Mobile. 

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