Qualcomm building
A Qualcomm sign is pictured at one of its many campus buildings in San Diego. Courtesy Qualcomm

San Diego-based Qualcomm‘s profits nearly tripled during its second fiscal quarter due to “sustained demand” for smartphones using the company’s Snapdragon processors.

The wireless pioneer reported a profit of $1.76 billion, or $1.53 per share, in the quarter ended March 28 — a 276% increase over the $468 million, or 41 cents per share, in the previous year’s quarter.

Revenue grew by 52% to $7.94 billion from $5.22 billion a year ago.

“We delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues,” said CEO Steve Mollenkopf.

The results exceeded Wall Street’s expectations, and Qualcomm shares rose nearly 6% to over $144 in after-hours trading following release of the earnings report.

The company said it expects earnings per share to range from $1.24 to $1.44 in the current fiscal quarter.

“Looking ahead, Qualcomm is well positioned for continued growth, and we remain confident in our ability to execute on the many opportunities in front of us,” said Mollenkopf, who plans to step down as CEO on June 30.

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Chris Jennewein

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