Qualcomm Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Qualcomm Inc. (QCOM) announced a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $3.40 billion, or $2.98 per share. This compares with $2.46 billion, or $2.12 per share, in last year's first quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $3.69 billion or $3.23 per share for the period.

Analysts on average had expected the company to earn $3.01 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 29.9% to $10.70 billion from $8.24 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $3.40 Bln. vs. $2.46 Bln. last year. -EPS (Q1): $2.98 vs. $2.12 last year. -Analyst Estimate: $3.01 -Revenue (Q1): $10.70 Bln vs. $8.24 Bln last year.

-Guidance: Next quarter EPS guidance: $2.80 - $3.00 Next quarter revenue guidance: $10.2 - $11.0 Bln