Qualcomm Inc. (QCOM) Wednesday reported first-quarter net income of $1.40 billion or $0.81 per share, compared to $1.17 billion or $0.71 per share last year.
On an adjusted basis, net income for the quarter was $1.67 billion or $0.97 per share, compared to $1.35 billion or $0.82 per share last year. On average, 35 analysts polled by Thomson Reuters expected earnings of $0.90 per share. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $4.68 billion from $3.35 billion last year. Analysts on a consensus estimated revenues of $4.58 billion for the quarter.
For the second quarter, the company expects earnings in a range of $1.20 to 1.26 per share, adjusted earnings of $0.91 - $0.97 per share, and revenues of $4.6 billion - $5.0 billion. Analysts currently expect earnings of $0.89 per share on revenues of $4.51 billion for the quarter.
The company has raised its full year 2011 financial guidance. The company now expects earnings in a range of $3.36 to $3.56 per share, adjusted earnings of $3.55 to $3.75 per share, and revenues of $18.7 billion to $19.7 billion. This compares to the prior guidance of earnings of 2.80 to $3.00 per share, adjusted earnings of $3.42 to $3.62 per share and revenues of $18.0 billion to 19.0 billion. Analysts currently estimate earnings of $3.59 per share on revenues of $18.48 billion.
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