SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal fourth-quarter net income of $506 million, after reporting a loss in the same period a year earlier.
The San Diego-based company said it had net income of 42 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 78 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The chipmaker posted revenue of $4.81 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $4.72 billion.
For the year, the company reported net income of $4.39 billion, or $3.59 per share, swinging to a profit in the period. Revenue was reported as $24.27 billion.
For the current quarter ending in January, Qualcomm expects its per-share earnings to range from 80 cents to 90 cents.
The company said it expects revenue in the range of $4.4 billion to $5.2 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $4.71 billion.
Qualcomm shares have climbed 49% since the beginning of the year, while the Standard & Poor's 500 index has risen 23%. In the final minutes of trading on Wednesday, shares hit $84.63, an increase of 33% in the last 12 months.