Qualcomm (NASDAQ:QCOM) reported yesterday that net income during its third fiscal quarter rose to $1.21 billion, up from $1.04 billion last year. Sales at the chipmaker jumped 28% to $4.63 billion.
EPS for the third quarter was 69 cents, compared to 61 cents in 2011. But that fell short of analyst estimates of forecast revenues at $4.67 billion and EPS of 73 cents, Bloomberg noted.
Intel Is Getting Its Mojo BackInvestors weren’t too disappointed, however. Shares of Qualcomm rose more than 4% in Wednesday morning trading.
Qualcomm said it expected profits for the current quarter to come in between 62 cents and 68 cents a share. Revenue for the fourth quarter was predicted between $4.45 billion and $4.85 billion. This, too, disappointed analysts, who were looking for EPS of 76 cents on revenue of $4.89 billion for the fourth quarter.
Company officials predicted improved results toward the year’s end. They noted that emerging markets are transitioning to smartphones, offsetting lackluster demand in more developed areas like Europe and the U.S.
Yesterday, chipmaking rival Intel (NASDAQ:INTC) reported lower second-quarter earnings that still topped analysts expectations, but lowered its outlook for its third quarter.
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