Qualcomm Profit Rises on Royalty Payments

Qualcomm Inc. said second-quarter net income rose to $532 million on higher royalty payments.

Profit was 31 cents a share, up from $488 million, or 29 cents, a year earlier, the San Diego-based company said. Sales rose to $1.37 billion from $1.22 billion. Excluding the investments unit, profit was 29 cents, compared with 27 cents, the average estimate of 32 analysts surveyed by Thomson First Call.

Sales this year may rise to $5.5 billion to $5.7 billion, missing a previous forecast for $5.8 billion to $6.3 billion.