Qualcomm Inc. reports higher revenue, net income from last year - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Qualcomm Inc. reports higher revenue, net income from last year

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SAN DIEGO (CNS) - San Diego-based Qualcomm Inc. Wednesday reported net income of $1.21 billion in the third quarter of its fiscal year, up 17 percent from the same period one year ago.

That equates to 69 cents per diluted share for the maker of computer chips inside cell phones and other wireless devices.

The company reported revenues of $4.63 billion, up 28 percent over the same time last year.

"Adoption of 3G and 3G/4G technologies continues around the world, driving strong year-over-year growth in our chipset and licensing businesses this quarter," said Chairman and CEO Paul Jacobs.

He said the company has slightly lowered its expectations for growth in the fourth quarter, however. Qualcomm projects revenue in the final three months of the fiscal year to be between $4.45 billion and $4.85 billion.

For the first nine months of the current fiscal year, net income was $4.9 billion, up 22 percent over the first three quarters of last year, with earnings per diluted share of $2.83, according to Qualcomm.

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