Wireless technology giant Qualcomm on Wednesday announced a 51 percent increase in earnings for the fourth quarter of its fiscal year.
The San Diego-based company earned $1.6 billion, or $1.07 per share, in the quarter ended Sept. 25, compared to $1.1 billion, or $0.67 per share, a year ago. Revenues rose 13 percent to $6.2 billion from $5.5 billion.
“Our fiscal fourth quarter EPS was above the high end of our expectations, reflecting new license agreements in China and strong chipset shipments,” said CEO Steve Mollenkop.
For the entire fiscal year, Qualcomm earned $5.7 billion, or $3.81 per share, on revenue of $23.6 billion, compared to a profit of $5.3 billion, or $3.22 per share, on revenue of $25.3 billion in the previous year.
The company said its business outlook is strong, but warned that earnings per share could be down in the next quarter compared to the previous year. A range of $0.91 to $1.01 was forecast.
“We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions,” Mollenkop said. “We are well positioned to extend our mobile technology leadership and footprint into attractive growth opportunities, accelerated by our recently announced agreement to acquire NXP.”
The company announced last week that it would buy Holland’s NXP Semiconductors, a leader in automotive electronics, for $38 billion in the semiconductor industry’s largest acquisition ever.
Qualcomm stock jumped nearly 1 percent in after-hours trading following release of its earnings report.
The company is a world leader in 3G, 4G and next-generation wireless technologies