Mobile device chipmaker Qualcomm Inc. (Nasdaq: QCOM) on Wednesday said its net income rose 36 percent in the final quarter of 2012 as revenue increased due to growing global demand for smartphones.
The company raised its forecast for the current quarter and the full year and shares jumped in afterhours trading.
Net income in the fiscal first quarter through Dec. 30 rose to $1.91 billion, or $1.09 per share, from $1.40 billion, or 81 cents per share, a year earlier.
Excluding stock-based compensation costs and other items, adjusted earnings came to $1.26 per share, beating the $1.13 per share expected, on average, by analysts surveyed by data provider FactSet.
Revenue rose 29 percent to $6.02 billion, from $4.68 billion a year prior. That also topped the $5.90 billion, on average, predicted by analysts.
Shares rose $3.50, or 5.5 percent, to $67.03 in extended trading after closing up 8 cents to end the regular session at $63.53.
The company said it now expects second-quarter adjusted earnings of $1.10 to $1.18 per share on revenue of $5.8 billion to $6.3 billion. That's up from a prior forecast for adjusted earnings of $1.01 per share on $4.94 billion in revenue.
The midpoints of the latest ranges exceed the average of analysts' forecasts for adjusted earnings of $1.11 per share, on revenue of $5.88 billion.
For the full year through September, Qualcomm raised its adjusted earnings guidance by 13 cents per share to $4.25 to $4.45. It also raised its annual revenue guidance by $400 million to a range of $23.4 billion to $24.4 billion.
Analysts, on average, had been expecting the company to post $4.32 per share in annual operating income on revenue of $23.6 billion.
Word of the gains came as Qualcomm announced that its chief financial officer, Bill Keitel, will be retiring in March, to be replaced by George Davis, currently CFO at Applied Materials.
Keitel, 60, who has overseen the financial operations for 11 years, will remain as a special advisor to chief executive Paul Jacobs through the end of this year.
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