Qualcomm Inc. reported a 35% jump in earnings on Wednesday afternoon thanks to strong demand for wireless devices that utilize the company’s CDMA technology.
The San Diego-based company, which makes chipsets used in wireless devices and licenses out its technology to other manufacturers, also issued a current-quarter outlook that was slightly ahead of Wall Street’s estimates.
For the fiscal third quarter, which ended June 31, Qualcomm reported net income of $1.04 billion, or 61 cents a share, compared to net income of $767 million, or 47 cents a share, for the same period the previous year.
Earnings on a non-GAAP basis came in at $1.24 billion, or 73 cents a share.
Revenue jumped 34% to $3.62 billion.
Analysts were expecting earnings of 71 cents a share on revenue of $3.5 billion, according to an average tallied by FactSet Research.
Qualcomm said shipments of mobile station modems rose 17% to 120 million.
Total CDMA device sales for the March quarter totaled $36.4 billion — up 44% from the same period last year.
For the current period ending in September, Qualcomm said it expects revenue to come in the range of $3.86 billion to $4.16 billion; analysts had been expecting revenue of $3.93 billion for the period. Earnings on a non-GAAP basis are expected to come in between 75-80 cents a share.
Analysts had been expecting 76 cents a share.
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