Qualcomm post 18 percent increase in fiscal first-quarter profit

Qualcomm post 18 percent increase in fiscal first-quarter profit

Mobile chipmaker Qualcomm has come out with their latest quarterly report and they have posted 18 percent increase in fiscal first-quarter profit.

The company gained from improved demand for their chips powering high end mobile phones capable of surfing the net and download media content.

Qualcomm’s stock jumped 7.3 percent on this news to touch $39.30, after hours.

They earned $767 million during the period which is an improvement from $648 million in the same period previous year.

Qualcomm President Steve Altman had this to say on these figures: “We’re seeing increased demand and very strong growth on a worldwide basis and in all of our markets.”