Chip designer Qualcomm
has filed its second quarter of 2013 fiscal earnings. The company exceeded revenue expectations, and is raising its estimated 2013 device shipments and projected earnings for 2013 based on the strength of the quarter. Year over year, Qualcomm saw a 24 percent increase in revenues to $6.12 billion from $4.94 billion. Earnings per share climbed 16 percent tp $1.17 per share, up from $1.01 in 2012.
The company shipped 173 million Mobile Station Modem (MSM) Chips, with $61.1 billion in sales. As strengths to the quarter, Qualcomm noted that the strong market conditions for smartphone sales greatly helped the bottom line. Additionally, the company reports that it is seeing "strong traction" for the new Qualcomm Snapdragon 600 and 800 processors.
The company is revising annual revenue guidance to between $24 billion and $25 billion, with an annual earnings per share falling between $4.40 and $4.55 per share on the year. Prior guidance for the year was revenue between $23.4 billion and $24.4 billion, with earnings per share of $4.25 through $4.45. The company is paying a $0.35 per share dividend in June of 2013, and is making $5 billion available for share repurchasing programs.