Qualcomm headquarters
Qualcomm headquarters in Sorrento Valley. Courtesy of the company

San Diego-based wireless pioneer Qualcomm Wednesday reported an “exceptional” 165% increase in net income on 62% growth in revenue in its first fiscal quarter.

The company earned $2.46 billion, or $2.12 per share, in the quarter ended Dec. 27, compared to $925 million, or $0.80 per share, a year ago.

Revenue increased to $8.24 billion from $5.08 billion in the year-ago quarter.

“We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business,” said CEO Steve Mollenkopf.

“We remain well positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries,” he added.

The company said it expected per-share earnings in the range of $1.17 to $1.37 in its second fiscal quarter.

Qualcomm narrowly missed stock analysts’ expectations on revenue, but beat their profit projections. However, its stock price was down nearly 7% in after-hours trading.

Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.