Qualcomm clocks US$1 billion net profit in quarter to end-March

Qualcomm has posted a 46 per cent jump in its second fiscal quarter revenues to end-March to US$3.88 billion, while net profit rose by 29 per cent to US$999 million.

The figures were boosted by a US$410 million license settlement with Panasonic.

"We are pleased to report record quarterly revenues, and we are raising our revenue and earnings guidance for the year as the demand for smartphones across an array of geographies and tiers continues to grow," said Paul E. Jacobs, chairman and CEO of Qualcomm. "In addition, we have resolved the second of the two previously disclosed licensee disputes."

The company shipped 118 million CDMA modem units in the three months to the end of March, up 27 percent year-on-year and flat sequentially.