Qualcomm raises full-year forecast on smartphone demand

By Noel Randewich

SAN FRANCISCO (Reuters) - Leading cellphone chipmaker Qualcomm raised its full-year revenue forecast as demand for smartphones continues to grow.

Qualcomm said it expects full-year revenue of $24.0 billion to $25 billion, up from its prior forecast of between $23.4 billion and $24.4 billion.

Qualcomm reported fiscal second-quarter revenue of $6.12 billion, up 24 percent from the year-ago period. It said revenue in the current quarter would be between $5.8 billion and $6.3 billion.

Analysts on average expected second-quarter revenue of $6.085 billion and third-quarter revenue of $5.883 billion, according to Thomson Reuters I/B/E/S.

Qualcomm said second-quarter net income was $1.87 billion, down 16 percent year over year. It said earnings per share were $1.06.

Shares of Qualcomm rose 2 percent in extended trade after closing up 1 percent at $66.00.

(Reporting By Noel Randewich; Editing by Steve Orlofsky)

Source: http://news.yahoo.com/qualcomms-quarterly-revenue-exceeds-expectations-200912960--finance.html

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