SAN DIEGO -(Dow Jones)- Qualcomm Inc. raised its outlook for first-quarter earnings based on growth in mobile station modem chip shipments.
In a press release Thursday, the mobile phone semiconductor technology company said it expects a profit for the quarter ending Dec. 25 of 32 cents to 33 cents a share, up from its November estimate for 30 cents to 32 cents a share.
A year earlier, the company earned 30 cents a share.
"Our updated guidance for the first fiscal quarter reflects higher handset ASPs due primarily to strength in WCDMA handset shipments in Europe and a positive mix in 1xEV-DO MSM chipsets," said Chief Executive Paul E. Jacobs in a statement. "Regionally we see strong demand for 1xEV-DO products in North America, Japan and Korea," he said.
Qualcomm forecast first-quarter pro forma earnings of 38 cent to 39 cents a share up from an earlier projection of 36 cents to 38 cents. Pro forma earnings exclude its strategic initiatives unit, share-based compensation and tax benefits related to prior years.
Analysts surveyed by Thomson First Call expect Qualcomm to earn 37 cents a share in the period.
Qualcomm said it expects to ship 47 million mobile station modem chips during the quarter, up from 39 million a year earlier.
The company forecast first-quarter revenue at the high end of November's $1.67-billion-to-$1.77-billion range, up from $1.39 billion, a year earlier. The mean Wall Street forecast calls for $1.73 billion.
Shares of Qualcomm were up 0.7%, or 33 cents, to $45.33 in early trading.
Company Web site: http://www.qualcomm.com
-By Ian Salisbury, Dow Jones Newswires; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires "
Posted to the site on 8th December 2005
Posted to: www.cellular-news.com/story/15163.php