Qualcomm Jumps 6% on Positive Earnings, Big Smartphone Sales
Qualcomm (NASDAQ: QCOM) is getting some investor love this morning, rising more than six percent after the company announced that its fourth-quarter revenue came in at $4.87 billion and rose 18 percent year-over-year and five percent sequentially. Qualcomm's operating income of $1.24 billion was even year-over-year but down 11 percent sequentially.
"I am very pleased with our performance this year," Paul E. Jacobs, chairman and CEO of Qualcomm, said in a company release. "We delivered record revenues, earnings and MSM chipset shipments driven by increasing global consumption of wireless data across a diverse range of devices, particularly smartphones. As we continue to invest in and execute on our strategic priorities, our broad licensing program and industry-leading Snapdragon and 3G/LTE chipset roadmap position us for double-digit revenue growth again in fiscal 2013."
Qualcomm supplies chips and processors to a number of smartphone and computer manufacturers, including Apple (NASDAQ: AAPL), Dell (NASDAQ: DELL) and Samsung. Qualcomm technology has also made its way into new Windows Phone 8 devices.
During an interview with CNBC this morning, Jacobs told the network that while supply is a little constrained this quarter, the company hopes to have its supply and demand aligned by the end of December.
Jacobs also said that he is cautiously optimistic about Windows 8. He explained that while he thinks it is a great operating system, he is waiting to see how it is adopted. He believes Microsoft (NASDAQ: MSFT) did a good job but said that the new OS needs more apps.
In addition to its fourth-quarter results, Qualcomm also announced that it earned $19.12 billion (up 28 percent year-over-year) during the full fiscal year. Operating income came in at $5.68 billion and was up 13 percent year-over-year, while net income rose 43 percent year-over-year to $6.11 billion.
Follow me @LouisBedigianBZ
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.