Qualcomm has posted strong quarterly results for the beginning of 2013, which have led to the company raising its revenue and earnings predictions for the upcoming year.
The chip company said saw its net income grow by 36 percent for the first quarter fiscal 2013, hitting $1.91 billion, while revenues totalled $6.02 billion, up 29 percent year-over-year.
Qualcomm chief exec Paul Jacobs put the results down to a “growing global demand for smartphones” and the company’s portfolio of 3G and 4G LTE processors.
He added that the company’s broad licensing partnerships and “extensive chipset roadmap”, including its new Qualcomm Snapdragon 800 and 600 processors, had also attributed to the growth.
Revenue from licensing fees grew by 20 percent to $1.82 billion, while equipment and services sales rose by 33 percent, generating the company $4.2 billion.
As a result of the stronger than anticipated results, the company said that it is adjusting its full year outlook from a previous revenue prediction of $23.4 billion to $24.4 billion.
Qualcomm also made some announcements regarding its senior level staff.
In a separate statement Qualcomm said that it would be saying goodbye to CFO William Keitel, who it retiring after 11 years at the post.
Keitel, who will step down on 11 March, will be replaced with George S. Davis, who is currently executive vice president and chief financial officer of Applied Materials.
