Qualcomm 3Q results beat Wall Street estimates

By the Associated Press | July 20, 2011 | 4:44 PM EDT

SAN DIEGO (AP) — Wireless chipmaker Qualcomm says its results for the latest quarter beat Wall Street's expectations. It's providing projections for the current quarter that are also above analysts' estimates.

The company reported net income of $1.04 billion, or 61 cents per share, for the three months ended June 26. That a 35 percent increase from $767 million, or 47 cents per share, a year earlier.

Excluding items, Qualcomm says earnings were 73 cents per share for the fiscal third quarter. Wall Street on average had expected Qualcomm to earn 71 cents per share on that basis.

Revenue increased 34 percent to $3.62 billion. Analysts were expecting $3.54 billion.

Qualcomm Inc., based in San Diego, develops wireless technology and makes chips for cellphones and other wireless devices.