Qualcomm Earnings surprise

[TheForce]

Qualcomm Inc.(QCOM)saw its shares jump more than 5% on Wednesday afternoon in after-hours trades after the wireless chipmaker posted better-than-expected results for its first fiscal quarter and issued a forecast that was also above analysts' expectations. Revenues jumped 29% to $6.02 billion, while net income grew 32% to $2.2 billion and diluted earnings per share came in at $1.26. Analysts were looking for earnings of $1.13 per share on revenue of $5.9 billion, according to consensus forecasts from FactSet. The company projected a revenue range of $5.8 billion to $6.3 billion, with an EPS range of $1.10-$1.18 for the March quarter. Analysts had been expecting earnings of $1.10 per share on revenue of $5.9 billion for the quarter.

While Qualcomm makes the modem for iphones it is more independent of Apple volatility since it also makes the chips for Apple's competitors.