SAN DIEGO-Qualcomm Inc. has reasserted itself as one of the wireless industry’s success stories with third-quarter financial results marked with outstanding figures.
The proprietor of CDMA technology had a third-quarter net income of $486 million, representing a 154-percent leap over the same period last year, although it was unchanged sequentially. Earnings per share was 58 cents, amounting to a 152-percent improvement over the year-ago period.
Excluding its Qualcomm Strategic Initiatives segment, the company had a $483 million net income, which was an 81-percent rise over a year ago and 9-percent increase over the second quarter.
Revenues rose to $1.3 billion for the quarter, representing a 50-percent jump from the year-ago period and 10 percent over the second quarter.
“Record demand for our chipsets and stronger than expected W-CDMA sales are driving higher revenues and earnings,” remarked Irwin Jacobs, chairman and chief executive officer of the company.
He said the launches of CDMA2000 1x EV-DO by Verizon Wireless and Sprint PCS, as well as AT&T Wireless Services Inc.’s launch of W-CDMA in four markets give momentum to its products.
