SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter profit of $2.77 billion.

On a per-share basis, the San Diego-based company said it had profit of $2.46. Earnings, adjusted for one-time gains and costs, came to $2.75 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.38 per share.

The chipmaker posted revenue of $9.94 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $9.5 billion.

For the current quarter ending in March, Qualcomm expects its per-share earnings to range from $2.20 to $2.40.

The company said it expects revenue in the range of $8.9 billion to $9.7 billion for the fiscal second quarter.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on QCOM at

For copyright information, check with the distributor of this item, STATS Perform dba Automated Insights. , source Associated Press News