Qualcomm raises guidance for fiscal first quarter

Qualcomm Inc. said its revenue in the fiscal first quarter would come in at the high end of previous guidance of $2.3 billion to $2.4 billion.
The company said its forecast was based on chipset shipments at the high end of prior guidance, which forecast 74 million to 78 million units.
“The majority of our licensees have reported royalties in the first fiscal quarter for products shipped in the September quarter,” the company said in a statement. “Based on these reports and our own estimate of unreported activity, we anticipate September-quarter estimated shipments of approximately 95 million CDMA units (CDMA2000 and W-CDMA) or the total market at an estimated ASP of . $211, compared to our prior estimate of approximately 95 to 98 million units at an ASP of . $212.”
Qualcomm stock was up slightly on the news to $38.82 per share.
Analyst Maynard Um at UBS wrote in a note to investors that “Qualcomm indicates that CDMA handset inventory remains below 20 weeks, underscoring our view that end demand remains strong.”
“Chipset strength is consistent with our checks and we think Qualcomm is manufacturing as many chipsets as possible to fill demand,” Um wrote.