Qualcomm post massive profit rise

Mobile chip maker Qualcomm has come out with their latest revenue report and the company has posted earnings that have nearly doubled.

Qualcomm gained from improved demand for chips that power high-end cell phones.

The company added that they are expecting first-quarter profit between 50 and 52 cents per share. This is below market expectations however.

Qualcomm posted earnings of $1.13 billion, or 67 cents per share. This is up from $614 million, or 36 cents per share in the same period last year.

Qualcomm is also involved in several lawsuits with mobile phone makers and other chip manufacturers. This could also hurt their future earnings.

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