Qualcomm reports better-than-expected quarterly revenue
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
The Qualcomm logo is seen on one of its many buildings in San Diego, California, U.S., November 2, 2016. REUTERS/Mike Blake
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Smartphone chipmaker Qualcomm Inc, which agreed to buy NXP Semiconductors NV for about $38 billion last week, reported a better-than-expected 13.3 percent rise in quarterly revenue, helped by strong demand, particularly in China.
The company's shares were marginally higher in after-hours trading on Wednesday.
The San Diego-based company, which supplies chips to Android smartphone makers and Apple Inc, reported mobile chip shipments of 211 million for the quarter compared with its own forecast of 195 million-215 million.
Analysts on average had expected shipment of 206.1 million in the quarter, according to research firm FactSet StreetAccount.
"Our chipset business is also benefiting from a strong new product ramp across tiers, particularly with fast growing OEMs in China," said Qualcomm Chief Executive Officer Steve Mollenkopf.
Qualcomm gets the bulk of its revenue from chip sales but most of its profit comes from wireless patents it licenses to the mobile industry.
The NXP deal - the largest-ever in the semiconductor industry - would make Qualcomm the leading supplier to the fast-growing automotive chips market.
Qualcomm said it expects revenue of $5.7 billion-$6.5 billion for the current quarter. Analysts had expected $6.15 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to Qualcomm rose to $1.60 billion, or $1.07 per share, in the fourth quarter ended Sept. 25, from $1.06 billion, or 67 cents per share, a year earlier. (http://bit.ly/2f1RLQQ)
Revenue rose to $6.18 billion from $5.46 billion.
Excluding items, Qualcomm earned $1.28 per share, beating the average analyst estimate of $1.22.
Up to Wednesday's close of $67.09, Qualcomm's shares had risen 34.2 percent this year, handily outperforming the 22.2 percent gain in the Philadelphia Semiconductor index.
(Reporting by Narottam Medhora in Bengaluru; Editing by Savio D'Souza)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sterling at three-month low, braces for May's Brexit speech
- China's richest man says earmarks $5 billion-$10 billion a year for outbound investment
- EU Parliament speaker vote could strengthen eurosceptics
Create E-mail Alert Related CategoriesEarnings, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!