Qualcomm posts sharp rise in profit for 2011

Chipmaker Qualcomm has announced a sharp increase in revenue and profit in its financial results for its final quarter and year ending September 25, 2011.
The firm saw its revenue rise to $4.12bn for the quarter, an increase of 39 per cent year-on-year and up 14 per cent on the previous quarter. Net income for the quarter stood at $1.06bn, a rise of 22 per cent year-on-year and two per cent consecutively.
Overall for the full year, revenues stood at $14.96bn – a 36 per cent increase on FY10, while net income also climbed by 31 per cent to $4.26bn.
Paul Jacobs, chairman and CEO of Qualcomm, stated that the popularity of smartphones, continued adoption of 3G technologies and its patent portfolio drove record revenues, earnings and MSM chipset shipments for the firm.
He added that the firm expects revenue for 2012 to reach between $18bn and $19bn – which would mark an increase of 20 per cent to 27 per cent on 2011 – and would surpass Wall Street expectations.
“The breadth and depth of our chipset roadmap, extensive licensing program and diverse set of global partnerships position us well for strong revenue and earnings growth in fiscal 2012,” he said.
“We are excited about the upcoming commercial launch of our groundbreaking Snapdragon multimode LTE solution and continue to invest in and execute on our strategic priorities to drive profitable growth.”