Qualcomm has reported revenues of $3.4bn for the first quarter of fiscal 2011, an increase of 25% compared to $2.7bn for the same period last year. Revenues were up 13% sequentially.
Operating income for the quarter was $1.1bn, compared to an operating income of $89m in the same period last year. It was up 33% on a sequential basis.
The company has posted a net income of $1.2bn for the first quarter of fiscal 2011, compared to net income of $841m for the same period last year.
Diluted earnings per share were up 42% to $0.71, compared to diluted earnings per share of $0.50 in the prior year.
Qualcomm chairman and CEO Paul Jacobs said the company has resolved one of their previously disclosed licensee disputes, which will be reflected beginning with the second fiscal quarter results.
"We continue to execute on our strategic objectives as our partners leverage our technologies and offerings to offer leading wireless products and services to consumers around the globe," Jacobs said.
"We believe we are uniquely positioned to benefit from these industry trends and are substantially raising our revenue and earnings guidance for the fiscal year."
For the second quarter of 2011, the company expects revenues to range between $3.45bn and $3.75bn and diluted earnings per share to range between $0.50 and $0.54.
