Qualcomm Sees Big 2Q Revenues, Raises 2013 Guidance
Qualcomm reported $6.1 billion in revenue on $1.06 EPS for the second quarter of its 2013 fiscal year. The jump is revenue represents a 24 percent increase annually and had led the chipset giant to raise revenue and earnings guidance for 2013.
CEO Paul Jacobs attributed the success for both this quarter and looking ahead to the traction its Snapdragon 600 and 800 processors gained in the market.
Qualcomm’s GAAP profits of $1.87 billion for the quarter dipped 16 percent annually, a fact the company attributed at least partly to an influx of income it saw in the second quarter of 2012 due to selling of its 700 MHz spectrum. AT&T acquired those lower D and E Block licenses for nearly $2 billion.
The boost in revenue Qualcomm saw owes much to the 173 million chipset units the company shipped this quarter, which was down five percent quarterly but up 14 percent annually.
Qualcomm scored a win by landing its Snapdragon 600 processor in the U.S. and U.K. versions of Samsung’s Galaxy S 4, which launches soon and looks to be the blockbuster smartphone of the summer.
Qualcomm was able to raise its 2013 EPS guidance by 8 to 12 percent but still fell short of some estimates. The company’s stock is down more than five percent as of 9:28 a.m. CT.