Qualcomm Rises After Q1 Results

Qualcomm (NASDAQ: QCOM) is up more than two percent in after hours trading after the company reported its first quarter results.

The tech giant reported a Q1 EPS of $1.26 versus the Street estimate of $1.18.

Earnings per share were even year-over-year but rose 20 percent sequentially.

Revenue arrived at $6.6 billion versus the Street estimate of $6.67 billion.

"We are pleased with the start to our fiscal year, with record results in quarterly revenues, device sales reported by licensees and MSM chip shipments," Dr. Paul E. Jacobs, Qualcomm's Chairman and CEO, said in a company release. "Looking forward, we expect our performance to reflect the continued strong global growth of smartphones, our chipset leadership position and our competitive strengths in 3G/4G technologies and products."

For the second quarter, Qualcomm is anticipating an EPS between $1.15 and $1.25 versus the Street estimate of $1.26.

The firm expects its sales to fall within the $6.1 billion to $6.7 billion range versus the Street estimate of $6.68 billion.

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.