Thursday, April 21, 2011

Qualcomm (QCOM) Jumps on Chip, Patents Strength

Shares of Qualcomm Inc. (NASDAQ:QCOM) were up today as the company's second-quarter earnings beat analysts' estimates and it boosted its guidance for the 3rd quarter on increasing demand for its patents and mobile communications chips.

Net income for the quarter rose to almost $1 billion, up 29 percent from last year in the same quarter. Excluding one-time items, the company earned 86 cents a share, surpassing the 80 cents a share that analysts surveyed by FactSet were looking for.

Guidance for this quarter was for net income of 68 cents per share to 72 cents a share, excluding items. Analysts had estimated 69 cents a share. Qualcomm sees revenue of $3.35 billion to $3.65 billion, over the $3.40 billion that analysts had been projecting.

Qualcomm Inc. was trading at $56.90, gaining $1.63, or 2.95 percent, as of 2:15 PM EDT.

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