Qualcomm (QCOM) Raises Forecasts

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It seems that its legal problems with the likes of Broadcom (BRCM) and Nokia (NOK) are not hurting Qualcomm’s (QCOM) short-term business. The company said it anticipates fourth fiscal quarter Qualcomm pro forma revenues to be at or slightly above the high end of the prior guidance of approximately $2.15 to $2.25 billion.

Qualcomm also stated pro forma diluted earnings per share will be approximately $0.52 to $0.53, compared to $0.42 in the year ago quarter. This estimate is based on the shipment of approximately 67 to 68 million Mobile Station Modem chips during the quarter as compared to its prior estimate of 65 to 68 million units. QCOM had anticipated fourth fiscal quarter Qualcomm pro forma diluted earnings per share of approximately $0.48 to $0.50.

With the company’s shares flat over the last six months, investors should welcome some good news in a sea of bad.

Douglas A. McIntyre