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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read ”Restrepo” director Tim Hetherington killed in Libya | 2:27am EDT Joan Rivers: Charlie Sheen's act "two bimbo sluts" 20 Apr 2011 Homemade bomb found at mall near Columbine high 1:35am EDT Apple crushes forecasts again, iPad backlogged | 20 Apr 2011 Apple to ship new iPhone in September: sources | 20 Apr 2011 Discussed 97 Palin returns with feisty, anti-establishment speech 46 Budget vote shows challenge for Boehner, Obama 42 Obama private comments show fight with Republicans Watched Cupless bra combats cleavage crinkle Fri, Apr 15 2011 VW unveils new sporty Beetle Mon, Apr 18 2011 Apple, AmEx, Yum top forecasts Wed, Apr 20 2011 SMALL BUSINESS Entrepreneur's Edge: Instant translation on your smartphone When Otavio Good released the first video of his Word Lens translation app in use, it became a viral phenomenon. Since then he's been busy recruiting programmers to help roll it out to include more languages beyond the original Spanish. Full Article | Video New app calculates calories through photos of food Common budget mistakes for tech startups Qualcomm beats Street, raises 2011 targets Tweet Share this By Sinead Carew NEW YORK (Reuters) - Wireless chip maker Qualcomm Inc posted better than expected quarterly results and raised its full-year financial targets on improving demand for advanced phones, and its shares rose 5 percent. The company,... Email Print Related News Wells Fargo posts falling revenue, shares drop Wed, Apr 20 2011 Nasdaq to pursue NYSE bid to the "endgame" Wed, Apr 20 2011 Manufacturers see improving economy ahead Wed, Apr 20 2011 CORRECTED - UPDATE 5-Humira propels Abbott, stent view weighs Wed, Apr 20 2011 AT&T weathers loss of iPhone exclusivity Wed, Apr 20 2011 Analysis & Opinion White House in a pickle over its GM exit plan Tech wrap: Q1 earnings beat expectations, RIM’s PlayBook – not so much Related Topics Technology » Media » Stocks By Sinead Carew NEW YORK | Wed Apr 20, 2011 7:59pm EDT NEW YORK (Reuters) - Wireless chip maker Qualcomm Inc posted better than expected quarterly results and raised its full-year financial targets on improving demand for advanced phones, and its shares rose 5 percent. The company, which also sells technology licenses, said demand was strong in most regions of the world and that investor concerns about the wireless phone sales fall-out from massive earthquake in Japan were overdone. "It was a very strong quarter," said Williams Financial analyst Cody Acree who also noted that the boost to guidance was a good sign for the wireless industry. "It quells any fears of cellphone weakness similar to Intel's quieting of concerns about PC weakness," he said referring to a bullish forecast from personal computer chip giant Intel Corp the day before. Qualcomm's Chief Financial Officer William Keitel said demand for high-speed wireless devices was stronger than expected in every region around the globe, helping both its chip and licensing business. "The total market for 3G devices grew at a much faster pace than we expected and the licensing business benefited very nicely from that," Keitel told Reuters in an interview. Several analysts said China was a key factor in Qualcomm's strong growth in the quarter. Analysts had also been expecting strong second-quarter growth partly due to the launch of the first Apple Inc phone using Qualcomm chips and being sold by Verizon Wireless, a unit of Verizon Communications and Vodafone. While Keitel said iPhone was helping Qualcomm's business he would not comment specifically on the Verizon device. Qualcomm raised its fiscal 2011 revenue target to a range of $14.1 billion to $14.7 billion from its previous expectation for $13.6 billion to $14.2 billion. It forecast 2011 earnings per share in a range of $2.51 to $2.59 up from its previous expectation for $2.32 per share to $2.46 per share. Some investors had worried that industry supply issues stemming from the Japan earthquake would hurt Qualcomm's growth this quarter but Keitel said Qualcomm was not affected. However the company said that some of its customers were having supply issues in Japan. If they manage to overcome these issues, it would result in higher chip sales, it said without giving specific estimates. "The impact we're able to see from our vantage point doesn't seem to equate to the level of investor anxiety we've been seeing," Keitel said. Specific to the U.S. however, the executive said one "pleasant surprise" was strong smartphone upgrades at smaller operators such as Leap Wireless and MetroPCS, which tend to cater to more budget conscious customers. Qualcomm on Wednesday posted net earnings of $999 million, or 59 cents per share, for its second quarter ended March 27 compared with a profit of $774 million, or 46 cents per share in the year-ago quarter. Excluding unusual items, it earned 86 cents per share compared with Wall Street expectations for 80 cents, according to Thomson Reuters I/B/E/S. Revenue rose to $3.88 billion from $2.66 billion in the same quarter the year before and was ahead of analyst expectations for $3.6 billion, according to Thomson Reuters I/B/E/S. Qualcomm shares rose to $58.17 in after-market trading after already rising 3.5 percent to finish at $55.27 in the regular Nasdaq session. (Reporting by Sinead Carew; editing by Carol Bishopric) Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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