Qualcomm Raises Profit, Sales Forecasts
From Reuters
Qualcomm Inc. raised quarterly profit and sales forecasts, citing heightened demand for its microchips that run popular new cellphones with color screens and digital cameras.
Shares of the San Diego firm rose $4.63 to $49.10 on Nasdaq.
Qualcomm said it expected a fiscal first-quarter profit of 36 to 37 cents a share, up from its target of 25 to 28 cents a month ago. Excluding investment losses, it sees earnings of 47 to 48 cents a share. The average Wall Street estimate was 38 cents.
