Qualcomm Inc. beat Wall Street expectations for its fiscal first-quarter earnings and raised its financial targets for 2013 due to growing demand for smartphones and high-speed wireless services.
Shares in the leading supplier of chips cellphones rose 6 percent in after-market trade on Wednesday after it raised its full-year revenue guidance to a range of $23.4 billion to $24.4 billion from its previous target of $23 billion to $24 billion.
It raised its earnings-per-share target to a range of $4.25 to $4.45 from its previous forecast range of $4.12 to $4.32.
Qualcomm posted a profit of $1.91 billion or $1.09 per share for the quarter ended Dec. 30, compared with a profit of $1.4 billion or 81 cents per share in the year-ago quarter.
Excluding unusual items, the San Diego-based company reported earnings per share of $1.26 compared with Wall Street expectations of $1.13, according to Thomson Reuters I/B/E/S.
Revenue rose to $6.02 billion from $4.68 billion in the year-ago quarter and compared with Wall Street expectations for $5.9 billion, according to Thomson Reuters I/B/E/S.
Qualcomm shares rose to $67.50 in late trade after closing at $63.53 in the regular Nasdaq session.
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