QUALCOMM Earnings Cheat Sheet: Exceeds Forecasts with Boost of Profit Rise

S&P 500 (NYSE:SPY) component QUALCOMM Incorporated (NASDAQ:QCOM) reported net income above Wall Street’s expectations for the third quarter. Qualcomm Incorporated designs and manufactures digital wireless telecommunications products and services based on its CDMA technology and other technologies.

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QUALCOMM Incorporated Earnings Cheat Sheet for the Third Quarter

Results: Net income for the communication equipment company rose to $1.03 billion (61 cents per share) vs. $767 million (47 cents per share) in the same quarter a year earlier. This marks a rise of 34.9% from the year earlier quarter.

Revenue: Rose 33.9% to $3.62 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: QCOM reported adjusted net income of 73 cents per share. By that measure, the company beat the mean estimate of 62 cents per share. Analysts were expecting revenue of $3.59 billion.

Quoting Management: “Qualcomm delivered strong year-over-year results again this quarter as our business performed well across all key guidance metrics. In addition, we successfully completed the acquisition of Atheros, positioning us to further expand our opportunities going forward,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “Looking forward, we continue to see healthy growth in CDMA-based device shipments of approximately 18 percent in calendar year 2011, and we are pleased to be raising our revenue and Non-GAAP earnings guidance for the fiscal year, driven primarily by strong global smartphone adoption and the addition of Atheros.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 29.1% and in the first quarter, the figure rose 39.1%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 5 cents in the second quarter, by 6 cents in the first quarter, and by 2 cents in the fourth quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 45.5% to $3.88 billion in the second quarter. The figure rose 25.4% in the first quarter from the year earlier and climbed 9.7% in the fourth quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: Texas Instruments Inc. (NYSE:TXN), Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC), Intel Corporation (NASDAQ:INTC), Broadcom Corporation (NASDAQ:BRCM), Nokia Corporation (NYSE:NOK), Motorola Mobility Hldgs. Inc (NYSE:MMI), NVIDIA Corporation (NASDAQ:NVDA), Infineon Tech. AG (IFNNY), Atheros Communications, Inc. (NASDAQ:ATHR), and Microsoft Corporation (NASDAQ:MSFT).

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(Source: Xignite Financials)