Beats expectations, profit jumps 36 percent
Qualcomm is in a roll. The chipmaker posted stunning quarterly results on Wednesday. Profits were up 36 percent and revenue rose 29 percent. Qualcomm’s projected revenue for the current quarter is also higher than expected.
Qualcomm shares rallied on the back of the report, gaining 6 percent in after-hours trading. The company managed to ship 182 million chips last quarter, up 17 percent from last year. Revenue rose by 34 percent, indicating that the company sold more high-end chips than in 2011.
Although the company beat all expectations, nobody is surprised. Qualcomm enjoyed a comfortable lead over other ARM SoC makers last years, with numerous design wins for its S4-series chips. It was also the first chipmaker to offer LTE support on its processors and it led the way in 28nm chips.
Qualcomm CEO Paul Jacobs praised TSMC for managing to sort out production issues and ramp up 28nm volumes, helping Qualcomm overcome shortages of S4 chips late last year.
Analysts believe Qualcomm’s winning streak will extend into 2013 and the company is expected to introduce new Snapdragon 600 and 800 parts in a few months time.