May 1, 2019 / 8:19 PM / 3 months ago

Qualcomm quarterly revenue beats estimates

May 1 (Reuters) - Qualcomm Inc beat analysts’ expectations for second-quarter revenue on Wednesday, adding to recent bullish results from a host of chipmakers that have allayed investor concerns over sluggish demand.

Net income attributable to Qualcomm rose to $663 million, or 55 cents per share, in the quarter ended March 31, from $330 million, or 22 cents per share, a year earlier.

Revenue fell to $4.88 billion, but beat analysts’ estimates of $4.80 billion.

Qualcomm forecast third-quarter revenue for its patent licensing business between $1.23 billion and $1.33 billion, compared with analysts’ estimates of $1.01 billion, according to data firm FactSet.

The forecast is the first after the settlement with Apple, which included a patent license agreement that took effect April 1.

Qualcomm forecast adjusted revenue between $4.7 billion and $5.5 billion for its third quarter ending June 30, the mid-point of which falls below analysts’ average estimate of $5.30 billion, according to IBES data from Refinitiv.

Reporting by Sayanti Chakraborty in Bengaluru; Editing by Sriraj Kalluvila

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