Qualcomm posts higher quarterly profit

Reuters

NEW YORK (Reuters) - Wireless chip maker Qualcomm Inc <QCOM.O> posted an increase in fiscal third-quarter profit and revenue helped by strong demand for smartphones.

But its shares fell 1.7 percent in late trading, even as the company raised its profit and revenue estimate for the full year citing smartphone growth and an acquisition.

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Qualcomm's profit rose to $1.035 billion, or 61 cents per share for its fiscal third quarter ended in June 26, from $767 million, or 47 cents per share, in the same quarter the year before. Revenue rose to $3.62 billion from $2.7 billion. Wall Street analysts had expected revenue of $3.59 billion, according to Thomson Reuters I/B/E/S.

On May 24 Qualcomm said it completed its acquisition of another wireless chip maker, Atheros Communications.

(Reporting by Sinead Carew; editing by Andre Grenon)

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