Qualcomm posts higher first-quarter revenue

Leading mobile chipmaker Qualcomm Inc (QCOM) posted higher fiscal first-quarter revenue that slightly missed expectations as smartphone growth shifted to China but it bumped up its full-year earnings outlook on the strong start to 2014. With growth in the smartphone industry moving away from wealthy markets such as the United States and toward China and other emerging economies, where consumers favor less expensive devices, Qualcomm has been focusing on costs to preserve its profit margins. Qualcomm slightly raised its full-year forecast for earnings per share to a range of $5.00 to $5.20, from $4.95 to $5.15, essentially adjusting for first-quarter earnings that came in above the company's own previous estimate. We see the rest of the year playing out pretty much in line with our original expectations," Chief Financial Officer George Davis said in an interview.

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