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Qualcomm beats Wall Street earnings expectations

2012 Consumer Electronics Show Showcases Latest Technology Innovations

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CEO Paul E. Jacobs of Qualcomm delivers a keynote address at the 2012 International Consumer Electronics Show. The San Diego company pleased Wall Street with its most recent earnings.

Qualcomm beat what the Street had anticipated, while bringing more than $6 billion in revenue in its first fiscal quarter. 

That was a nearly 30 percent increase over the same quarter a year ago. And of that, profit was $2.2 billion, which worked out to $1.26 per share, a figure that delighted analysts who had expected less.

The good numbers pushed the company’s stock immediately higher in after-hours trading on the Nasdaq exchange. 

This contrasts with Canada’s Research in Motion, whose new BlackBerry smartphones are powered by Qualcomm processors. RIM changed its name to “BlackBerry,” but the new edition devices haven’t (yet) reversed its fortunes. Its stock dipped as Qualcomm’s rose.

Qualcomm told investors to expect continued good results in 2013 — in the lexicon of finance, it upgraded its "guidance" — as the company rolls out new chips and benefits from more consumers upgrading to smartphones, especially in developing world markets like China.

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