Qualcomm Inc. opened fiscal 2006 by posting $620 million in net income, a 21 percent jump from a year earlier, powered by demand for cell phones in emerging markets and increases in users of third-generation cell phone technology in established markets.
The San Diego-based Fortune 500 company posted total revenue of $1.74 billion, a 25 percent jump from the first quarter of 2005.
The company beat its earnings-per-share guidance by a penny, though its stock fell in after-hours trading, with some analysts saying quarterly revenue hadn’t quite met expectations.
“We delivered record first-quarter revenue and strong year-over-year growth, led by demand for our chips,” Chief Executive Officer Paul Jacobs said in a release. “I’m pleased to see continued execution on our product roadmaps as we partner with manufacturers, operators and developers to bring new innovations to market.”
, Rob Davis
