Qualcomm Jumps on Strong Q1 Earnings; Lifts Full-Year View

Global chip-maker Qualcomm

released its fiscal first-quarter earnings results after the closing bell on Wednesday. In the wake of strong results and raised guidance, the stock has climbed more than 5 percent in after hours trading. Qualcomm reported net income attributable to the company of $1.906 billion or $1.09 per share, compared to $1.401 billion or $0.81 per share in last year's first-quarter. Net income on a non-GAAP basis, was $2.204 billion or $1.26 per share, versus $1.672 billion or $0.97 per share, last year. This compared to analysts' consensus EPS estimates of $1.13. Total revenue in the period rose to $6.018 billion from $4.681 billion in the year ago period. This also easily beat analysts' consensus revenue estimates of $5.90 billion. For the second-quarter, Qualcomm said that it expects non-GAAP earnings per share of $1.10 to $1.18 on revenue of $5.8 billion to $6.3 billion. This is ahead of current consensus of $1.10 on revenue of $5.88 billion. For fiscal 2013, the company raised its guidance. Qualcomm now sees non-GAAP earnings per share of $4.25 to $4.45 versus its previous guidance of $4.12 to $4.32. Analysts currently expect the company to report full-year EPS of $4.32. Revenue is now expected to be between $23.4 billion and $24.4 billion. Previously, the company had guided for revenue between $23.0 billion and 24.0 billion. Currently, analysts have full-year revenue estimates of $23.63 billion.