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Qualcomm 1Q earnings surge nearly 40 percent
ELLIOT SPAGAT - The Associated Press

05:24:00PM (ET) Thursday,January 27,2011.

SAN DIEGO (AP) — Qualcomm Inc. said Wednesday that earnings in the latest quarter surged 39 percent, driven by a growing worldwide embrace of smart phones and tablets that run on high-speed data networks.

The designer and maker of wireless chips sharply raised its income and revenue estimates for 2011. It provided current-quarter estimates that exceeded Wall Street's expectations.

Paul Jacobs, Qualcomm's chairman and chief executive, credited "unabated demand for wireless data" across a growing number of regions and highlighted China and India. Bill Keitel, chief financial officer, said sales of smart phones in North American, Japan and Korea drove the latest results.

"We just completed the best quarter in the history of Qualcomm, driven by strong demand and excellent execution," Jacobs told analysts on a conference call.

Jacobs welcomed Verizon Wireless' launch of Apple Inc.'s iPhone, but he didn't say whether Qualcomm was providing chips for the device. Qualcomm already gets licensing fees for the iPhone because the device uses its code division multiple access, or CDMA, technology.

Qualcomm earned $1.17 billion, or 71 cents a share, during the fiscal first quarter, which ended Dec. 27. That compares with income of $841 million, or 50 cents a share, a year earlier.

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* Qualcomm can thank the wireless/iPhone sales and services for its earnings.*

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