S&P 500 (NYSE:SPY) component QUALCOMM Incorporated (NASDAQ:QCOM) reported higher profit for the second quarter as revenue showed growth. Qualcomm Incorporated designs and manufactures digital wireless telecommunications products and services based on its CDMA technology and other technologies.
QUALCOMM Incorporated Earnings Cheat Sheet for the Second Quarter
Results: Net income for the communication equipment company rose to $999 million (59 cents/share) vs. $774 million (46 cents/share) YoY. A rise of 29.1% from the year earlier quarter.
Revenue: Rose 45.5% to $3.88 billion YoY.
Actual vs. Wall St. Expectations: QCOM (NASDAQ:QCOM) fell short of the mean analyst estimate of 80 cents/share. Estimates ranged from 78 cents per share to 85 cents per share including charges.
Quoting Management: “We are pleased to report record quarterly revenues, and we are raising our revenue and earnings guidance for the year as the demand for smartphones across an array of geographies and tiers continues to grow,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm.
Competitors to Watch: Broadcom Corp. (NASDAQ:BRCM), Nokia Corporation (NYSE:NOK), Ericsson (NASDAQ:ERIC), Sprint (NYSE:S), Verizon (NYSE:VZ), AT&T (NYSE:T), Nokia (NYSE:NOK), Intel (NASDAQ:INTC), NVIDIA (NASDAQ:NVDA), Motorola Mobility (NYSE:MMI), Motorola Solutions (NYSE:MSI), Infineon (IFNNY) Research in Motion (NASDAQ:RIMM) and Texas Instruments Inc. (NYSE:TXN).
Today’s Performance: Shares of QCOM (NASDAQ:QCOM) are up over 4% in after hours trading.