Qualcomm Inc. savored another charmed quarter with a 46-percent jump in its net income, highlighting demand for its CDMA chipsets.
The company said its net income for the first quarter was $513 million with diluted earnings per share of 30 cents, amounting to a 43-percent hike over the year-ago period. Sequentially, however, Qualcomm’s net income rose 31 percent while its EPS rose 30 percent.
It also enjoyed a boost in revenues of $1.4 billion, up 15 percent over the year-ago period and 24 percent over the fourth quarter.
“The deployment and expansion of third-generation CDMA networks and devices continues to drive our results,” said Irwin Jacobs, chairman and chief executive officer of the company.
The company picture was not all sanguine. Its projections fall short of market expectations for the second quarter, although it raised its earnings forecast. It anticipates earnings per share for the second quarter to be between 24 cents and 26 cents, a 10- to 17-percent decline. Analysts projected 30 cents per share.
The company shares dropped 7.5 percent to $37.99 from $41.07.
