Qualcomm Inc. Q1 Profit Increases, Beats Estimates

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

The company's bottom line totaled $3.180 billion, or $2.83 per share. This compares with $2.767 billion, or $2.46 per share, last year.

Excluding items, Qualcomm Inc. reported adjusted earnings of $3.830 billion or $3.41 per share for the period.

Analysts on average had expected the company to earn $2.97 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 17.6% to $11.669 billion from $9.922 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings: $3.180 Bln. vs. $2.767 Bln. last year. -EPS: $2.83 vs. $2.46 last year. -Revenue: $11.669 Bln vs. $9.922 Bln last year.

-Guidance: Full year EPS guidance: $2.70 - $2.90 Full year revenue guidance: $10.2 - $11.0 Bln