Qualcomm Posts 2Q Results That Top Views, Shares Rise

By FOXBusiness

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

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.

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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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