SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal second-quarter profit of $663 million.
On a per-share basis, the San Diego-based company said it had profit of 55 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 77 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The chipmaker posted revenue of $4.98 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $4.8 billion.
For the current quarter ending in July, Qualcomm expects its per-share earnings to range from 70 cents to 80 cents.
The company said it expects revenue in the range of $9.2 billion to $10.2 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $5.08 billion.
Qualcomm shares have climbed 52% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%. In the final minutes of trading on Wednesday, shares hit $86.37, an increase of 70% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QCOM at https://www.zacks.com/ap/QCOM
