Qualcomm Inc. reported fiscal 2011 fourth-quarter net income of $1 billion on revenue of $4.12 billion, beating Wall Street forecasts and sending its shares up nearly 10 percent to above $57 on Nov. 2, the day the results were announced.
For the full fiscal year ended Sept. 25, Qualcomm reported net income of $4.26 billion on sales of $14.96 billion. That compared with net income of $3.24 billion on revenue of $10.9 billion in the 2010 fiscal year.
Qualcomm said it is benefiting from a worldwide adoption of smartphones and third generation wireless technologies that come with such devices, particularly in emerging regions.
The company that gets most of its revenue through the licensing of its patented wireless technology included in most smartphones said that while the last fiscal year was a good one, the current fiscal year should be even better.
Qualcomm forecast 2012 annual revenue will finish in a range of $18 billion to $19 billion, an increase of 20 percent to 27 percent from last fiscal year. Diluted net profit per share was forecast at $2.80 to $3, up from the $2.52 per share profit in 2011.
Those earnings were up 29 percent from the prior fiscal year.
In midday trading Nov. 3 on Nasdaq, shares of the company were at $55.85, giving it a market capitalization of nearly $94 billion. Shares have ranged from $44.62 to $59.84 in the past 52 weeks.
— Mike Allen