Chipmaker Qualcomm says it expects a double digit growth rate for the next five years after the company posted a leap in revenue for its final quarter.
Revenues for the quarter ending in September 2013 jumped 33% to $6.48bn from a year earlier, as sales for the year rose 30% to $24.87bn.
Net income for the quarter hit $1.5bn compared to $1.27bn last year, while operating income grew 29% year-over-year to $1.59bn.
Qualcomm chairman and CEO Paul Jacobs said:"Looking forward, we expect continued strong growth of 3G and 3G/4G multimode devices around the world, particularly in China with the anticipated launch of LTE.
"Qualcomm remains well positioned from a growth standpoint, and we expect double-digit compound annual growth rates for both revenues and earnings per share over the next five years."
The company said it expects to generate diluted earnings per share of about $4bn in stock repurchases under its stock repurchase programme during the fiscal 2014.
The company, which provides components to smartphones made by Apple and Samsung Electronics, said it has shipped 190 million MSM chips, up 35% year-over-year and 10% sequentially.
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