Qualcomm Inc. Q1 Profit Increases, beats estimates

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

The company's earnings totaled $2.76 billion, or $2.46 per share. This compares with $2.23 billion, or $1.98 per share, in last year's first quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $3.10 billion or $2.75 per share for the period.

Analysts on average had expected the company to earn $2.37 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.9% to $9.92 billion from $9.46 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $2.76 Bln. vs. $2.23 Bln. last year. -EPS (Q1): $2.46 vs. $1.98 last year. -Analyst Estimate: $2.37 -Revenue (Q1): $9.92 Bln vs. $9.46 Bln last year.

-Guidance: Next quarter EPS guidance: $2.20 - $2.40 Next quarter revenue guidance: $8.9B - $9.7B