Qualcomm Inc (QCOM)

[Mindy]

REUTER'S SUMMARY OF EARNINGS

UPDATE - Qualcomm posts larger second-quarter profit
Wednesday April 21, 4:30 pm ET

http://biz.yahoo.com/rc/040421/tech_qualcomm_earns_2.html

(Adds details, analysts' estimates)
LOS ANGELES, April 21 (Reuters) - Wireless technology company Qualcomm Inc. (NasdaqNM:QCOM - News) on Wednesday reported a larger quarterly profit on growing strength in the global cellular market, and boosted its outlook for the fiscal year.

Qualcomm shares jumped in after-hours trade following the release of earnings.

San Diego-based Qualcomm reported a fiscal second-quarter net profit of $488 million, or 58 cents per share, compared to a year-earlier profit of $103 million, or 13 cents per share. Revenue rose to $1.2 billion from $1 billion a year earlier.

Excluding investment losses, Qualcomm's profit was $442 million, or 53 cents per share. Analysts surveyed by Reuters Research, a unit of Reuters Group Plc, expected earnings per share of 49 cents on revenue of $1.19 billion.

In late February Qualcomm raised its outlook for the quarter on strong global shipments of handsets based on its Code Division Multiple Access, or CDMA technology. It was expected to have a good quarter as other wireless companies also showed broad-based strength in their results.

Shares in Qualcomm jumped to $68.01 in after-hours trading on INET from a close of $65.84 on the Nasdaq.