In its quarterly report, chip manufacturer Qualcomm
has reported record quarterly revenues which it claims are driven by the industry's demand for smartphones and the Qualcomm assortment of 3G/LTE chipsets. The company has posted $1.91 billion in profit, on revenues of $6 billion -- a 29 percent increase from the same quarter a year ago. It has announced a cash dividend payment of $428 million, along with $250 million in stock repurchases.
Notable developments in the quarterly report include Mobile Station Modem (MSM) chip shipments of 182 million units, up 17 percent, with reported device sales of $53.3 billion. Qualcomm estimates that 233 to 237 million devices with Qualcomm chips shipped in the September quarter.
The company reports 16 percent of its earnings went to its research and development department, which is a 27 percent increase year-over-year. The company estimates it is paying between 17 and 18 percent in income tax.
As a result of the strong earnings, which are expected to continue as demand for tablets and smartphones remains strong, Qualcomm is raising its revenue and earnings guidance for 2013. It is now expecting an increase of between 17 and 27 percent in revenue for the 2013 fiscal year, with a seven to 14 percent increase in MSM chip shipments. Qualcomm LTE chips are found in most of Samsung's and Apple's smartphone line.