Qualcomm Reiterates Revenue Outlook

Qualcomm Inc. repeated its revenue and earnings outlook for its third quarter and current year, on expected strong acceptance of the newest mobile phones that allows users to surf the Web, swap pictures and download music.

The San Diego-based firm, which makes the chips for the dominant wireless technology used in the U.S., said it sees fiscal 2002 revenue growing by 4% to 8% and pro forma earnings, excluding the Qualcomm Strategic Initiatives segment that invests in other companies, to be in the range of 90 cents to 95 cents a share.

Analysts were expecting Qualcomm to earn 89 cents a share for the year, with a range of estimates between 87 cents and 92 cents, according to Thomson Financial/First Call. Qualcomm closed up 73 cents to $32.62 on Nasdaq.