LOS ANGELES – Wireless technology company Qualcomm Inc. (QCOM) Wednesday posted a larger profit for the fiscal third quarter on continued strong demand for advanced cell phones worldwide.
San Diego-based Qualcomm reported a net profit of $486.4 million, or 58 cents per share, compared with a year-earlier profit of $191.7 million, or 23 cents per share. Revenue was $1.34 billion in the quarter.
The average forecast of analysts polled by Reuters Estimates was for earnings per share of 53 cents on revenue of $1.29 billion.
For the current quarter, its fiscal fourth, the company said it expects net earnings per share of 53 cents to 56 cents, or 54 cents to 57 cents per share excluding its investment segment, with a quarter-over-quarter revenue rise of 2 percent to 7 percent.
Analysts had forecast earnings per share of 49 cents on revenue of $1.28 billion for the fourth quarter.