Qualcomm net income up 42% in quarter to end-June

Qualcomm announced results for the third quarter of fiscal 2014 ended June 29, 2014, which saw revenues up nine per cent to US$6.81 billion, and operating income come in a US$2.08 billion, up 24 per cent year-on-year and four per cent sequentially.

Net income for the period amounted to US$2.24 billion, up 42 per cent year-on-year and 14 per cent sequentially.

“We are pleased to report another record quarter with revenues, earnings per share and chip shipments reaching all-time highs, driven by broad-based demand for our industry-leading 3G/4G chipset solutions,” said Steve Mollenkopf, CEO of Qualcomm. “Looking forward, although we have lowered our near-term financial outlook for the licensing business, we are pleased to be raising our fiscal year earnings per share guidance on better than expected performance in our semiconductor business.”