Qualcomm posts 4.5 percent rise in quarterly profits

Qualcomm posts 4.5 percent rise in quarterly profits

US based Technology Company Qualcomm has posted a 4.5 percent rise in quarterly profit. The company gained from improved sales of chips for high-end cell phones.

The company has also affirmed its 2007 outlook. This is good news for the market as the competing companies in this field have posted dismal quarterly reports.

Prudential analyst Inder Singh spoke about the improved performance from Qualcomm: “I think there were fears going in that the company might reduce guidance for the year. And counter to what we’ve been hearing from most of their peers in the industry, handset ASP estimates at Qualcomm appear to be going up and not down.”

Qualcomm said in its report that the profits were up at $648 million, or 38 cents per diluted share. The revenues were up at $2.02 billion.