passive tracking on my side
June 12
Qualcomm lifts outlook on advanced phone demand
http://www.reuters.com/article/technolo ... 4120080612
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NEW YORK (Reuters) - Wireless chip developer Qualcomm Inc (QCOM.O: Quote, Profile, Research, Stock Buzz) raised its outlook for the June quarter and full year on Thursday amid higher demand for advanced mobile phones, sending its shares up 5.5 percent.
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Qualcomm's improved outlook comes during a week of excitement in the market for smart phones, which offer faster Web links and multimedia features like e-mail and pictures. Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz) unveiled a new version of its iPhone, seeking to better compete against the likes of BlackBerry maker Research in Motion (RIM.TO: Quote, Profile, Research, Stock Buzz) (RIMM.O: Quote, Profile, Research, Stock Buzz) and Nokia (NOK1V.HE: Quote, Profile, Research, Stock Buzz).
Charter Equity Research analyst Ed Snyder said Qualcomm appears to be benefiting from the competition playing out among mobile handset makers.
"Their largest customers, Samsung (005930.KS: Quote, Profile, Research, Stock Buzz) and LG (066570.KS: Quote, Profile, Research, Stock Buzz), are gaining share in 3G, so Qualcomm is gaining share," he said.
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"March quarter reports by our licensees indicate an increased mix of high-end devices driving a higher average selling price," Qualcomm Chief Executive Paul Jacobs said in a statement.
Based on reported royalties from its customers, Qualcomm estimated quarterly shipments of about 107 million devices using CDMA at an average price of $226 per unit.
That falls at the midpoint of it previous estimate of 105 million to 109 million, but the average price is up $3 from its previous view.
For the full year, Qualcomm increased its earnings forecast to a range of $2.09 to $2.13 per share, above a previous estimate of $2.04 to $2.09.
The company had raised its full-year earnings forecast in April, but the range disappointed investors at the time, with some worrying that growth may be concentrated in low-end phones.
Qualcomm shares were up $2.54 to $48.85 near midday on the Nasdaq.