Qualcomm Rises Most in 15 Months as Forecasts Top Estimates

Qualcomm Inc., the biggest maker of mobile-phone chips, rose the most in 15 months after forecasting higher fiscal 2012 sales than analysts had predicted, adding to evidence of robust demand for smartphones.

Qualcomm rose 6.9 percent to $55.80 at 11:20 a.m. in New York. Sales for the year ending in September 2012 will be $18 billion to $19 billion, the San Diego-based company said yesterday in a statement. That compares with an average analyst estimate of $17.3 billion, according to Bloomberg data.

The company, which gets most of its profit from licenses on technology used in so-called 3G phones, is benefiting as more consumers switch to the technology -- especially in developing countries. Widening use of smartphones fuels growth in royalty revenue and sales of cellular radio chips and processors.

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- Posted: 2011-11-03 12:25:21

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