Qualcomm shares rise as earnings top Street view

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- Qualcomm Inc. said late Wednesday that its fiscal first-quarter net income slipped to $1.88 billion, or $1.09 a share, from $1.91 billion, or $1.09 a share, in the year-ago period. Excluding one-time items, the chip maker would have reported earnings of $1.26 a share. Revenue rose to $6.62 billion from $6.02 billion in the year-ago period. Analysts surveyed by FactSet expected adjusted fiscal first-quarter earnings of $1.18 a share on revenue of $6.68 billion. For the second quarter, Qualcomm expects adjusted earnings of $1.15 to $1.25 a share on revenue between $6.1 billion and $6.7 billion. Analysts are forecasting $1.27 a share on revenue of $6.67 billion. Shares of Qualcomm rose 2.2% to $72.70 in the after-hours session.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.