Net income was recorded at $1.67 billion, up 22 percent on the last quarter and up 24 percent year-over-year. In a conference call with analysts following the company's quarterly report, Qualcomm's chairman and CEO, Paul Jacobs, says the company shipped 158 million chips and shattered expectation of analysts with sales of $4.68 billion, up 40 percent year-on-year.
"We're very pleased to report record revenues, earnings per share and MSM shipments this quarter driven by increased demand for smartphones and data-centric devices across an expanding number of regions and price points," said Jacobs. "It was a very successful quarter, and we're pleased to be raising our financial outlook for fiscal 2012."
It’s not all good news for the California-based company though, who is reported to be under investigation by the US Attorney's office in San Diego and the US Department of Justice under the “Foreign Corrupt Practices Act of 1977.” Qualcomm has not commented on the pending investigation.
As a result of its better-than-expected performance in the last quarter, and with the arrival of the quad-core Krait SoC imminent, Qualcomm has raised its sales forecast for the fiscal year to be between $18.7 billion and $19.7 billion, up from $18 billion to $19 billion respectively.
“We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012," said Jacobs.