Qualcomm's revenue rises
The wireless-industry bellwether reports that second-quarter revenue rose to $1 billion, powered by larger than expected shipments of its cell phone chips.
Net profit for the period was $103 million, or 13 cents per share. That compares with a net profit of $44 million, or 5 cents per share, on $696 million in revenue during the same period a year ago.
On a pro forma basis, which doesn't include investments and amortization of goodwill, Qualcomm posted a profit of 38 cents per share, or about 2 cents higher than what a consensus of analysts polled by First Call had expected.
At the close of regular trading, Qualcomm shares were down 23 cents, or 69 percent, to $32.98. The earnings report was issued after the bell.
Qualcomm said greater demand for its cell phone chips helped fuel the quarter's mostly positive results. The company said in March that it expected to ship 28 million MSM cell phone chips this quarter, about a million more than projected in January.
The wireless industry has recently shown signs of life as telephone providers have started reporting profits again. Qualcomm sells cell phone chips and licenses uses of its