Qualcomm Reports $139M Net Profit
SAN DIEGO (AP) _ Increased revenues drove profits higher at wireless technology firm Qualcomm Inc., but the company warned Thursday that its business will slow through March because of the weak global economy.
Qualcomm reported a net profit of $139 million, or 17 cents per share, on revenues of $699 million for its first fiscal quarter, compared with a loss of $419 million, or 56 cents a share, on revenues of $655 million during the same period a year earlier.
The company’s pro forma 2002 net income of 23 cents per share met the expectations of analysts surveyed by Thomson/First Call Corp.
Revenues in the final three months rose on higher royalties on Qualcomm’s patented wireless technology and increased shipments of integrated circuits and higher software fees.
But the company warned that its revenues will fall between 3 percent and 6 percent amid weak global economic conditions with earnings to between 19 cents and 21 cents per share. Analysts surveyed by Thomson/First Call had expected earnings of 24 cents in the second quarter.
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