Qualcomm Inc. (NASDAQ: QCOM) reported late Wednesday that its fiscal second quarter profit rose to $999 million, or 59 cents per share, from $774 million, or 46 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 86 cents per share in the latest quarter. Revenue climbed to $3.88 billion from $2.66 billion. Analysts, on average, expected the company to report earnings of 80 cents per share on revenue of $3.62 billion.
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. "In addition, we have resolved the second of the two previously disclosed licensee disputes. We continue to execute on our strategic priorities as our partners deploy our technologies and solutions to offer leading wireless products and services to consumers worldwide."
Looking ahead to fiscal third quarter, Qualcomm said that it expects GAAP earnings of 60 cents to 64 cents per share, revenues of $3.35 billion to $3.65 billion and non-GAAP earnings of 68 cents to 72 cents per share.
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