SAN DIEGO-Qualcomm Inc. said it beat market expectations in its first-quarter results with a net profit of $352 million, up 21 percent over the last quarter. This represented 43 cents per share, 23-percent higher sequentially.
Revenues were $1.2 billion for the quarter, a 37-percent jump over the previous quarter and 13 percent higher year on year.
“We now anticipate the full 2004 fiscal year to be stronger than we had earlier anticipated due to increased worldwide demand for CDMA phones and devices with increased functionality such as color screens, cameras and multimedia capabilities,” said Irwin Mark Jacobs, chairman and chief executive officer of the company.
Jacobs noted the strides of its CDMA technology and recent boosts like Verizon Wireless’ anticipated nationwide deployment of the EV-DO protocol.
The company increased it guidance for fiscal 2004, expecting an approximately 6 percent to 10 percent year-on-year growth in total revenue and total earnings per share to be in the range of $1.41 and $1.46.
