Qualcomm Inc. Q2 Profit Increases, beats estimates

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

The company's bottom line came in at $2.93 billion, or $2.57 per share. This compares with $1.76 billion, or $1.53 per share, in last year's second quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $3.66 billion or $3.21 per share for the period.

Analysts on average had expected the company to earn $2.91 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 40.6% to $11.16 billion from $7.94 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $2.93 Bln. vs. $1.76 Bln. last year. -EPS (Q2): $2.57 vs. $1.53 last year. -Analyst Estimate: $2.91 -Revenue (Q2): $11.16 Bln vs. $7.94 Bln last year.

-Guidance: Next quarter EPS guidance: Adj; $2.75 - $2.95 Next quarter revenue guidance: $10.5 - $11.3 Bln