SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter net income of $925 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Diego-based company said it had net income of 80 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 99 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The chipmaker posted revenue of $5.08 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.83 billion.
For the current quarter ending in April, Qualcomm expects its per-share earnings to range from 80 cents to 95 cents.
The company said it expects revenue in the range of $4.9 billion to $5.7 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $5.1 billion.
Qualcomm shares have increased nearly 3% since the beginning of the year, while the Standard & Poor's 500 index has climbed 3%. In the final minutes of trading on Wednesday, shares hit $90.72, a climb of 79% in the last 12 months.