Qualcomm Reports Strong Quarterly Revenue
Smartphone chipmaker Qualcomm reported a 13.3 percent rise in quarterly revenue, helped by strong demand in China. The San Diego-based company reported mobile chip shipments of 211 million for the quarter compared with its own forecast of 195 million-215 million.
Revenue rose to $6.18 billion from $5.46 billion.
"Our chipset business is also benefiting from a strong new product ramp across tiers, particularly with fast growing OEMs in China," said Qualcomm Chief Executive Officer Steve Mollenkopf.
Qualcomm gets the bulk of its revenue from chip sales but most of its profit comes from wireless patents it licenses to the mobile industry.
Last week, Qualcomm announced a deal to buy NXP deal, a move that would make Qualcomm the leading supplier to the fast-growing automotive chips market.
Qualcomm said it expects revenue of $5.7 billion-$6.5 billion for the current quarter.