U.S. chipmaker Qualcomm Inc forecast double-digit sales growth this fiscal year as its quarterly results beat Wall Street estimates due to strong demand for its cellphone chips.
Continue Reading Below
The mobile chip maker estimated full-year revenue of $18 billion to $19 billion, an increase of 20 to 27 percent from a year ago, and 7 to 13 percent growth in earnings per share.
By comparison, rivals Broadcom Corp and Texas Instruments had both warned last month that revenue could slip on weaker demand this quarter.
In its fiscal fourth quarter, which ran until end September, Qualcomm posted net earnings of $1.06 billion, or 0.62 cents per share, compared with $865 million, or 53 cents per share, in the year-ago quarter.
Revenue rose 39 percent to $4.12 billion, compared with Wall Street expectations for almost $4.0 billion according to Thomson Reuters I/B/E/S.
Qualcomm shares rose 9 percent in late trade after closing at $52.18 in the regular Nasdaq session.