Qualcomm recently reported earnings for the first quarter of 2012. Revenue was $4.68 Billion, up 40%, and net income was up 20% to $1.4 Billion. EPS was $0.81. The amount of smartphones sold in 2011 is estimated at 477 million. The Snapdragon processor, which is used in smart phone devices, is up 120% and currently is used in more than 340 devices. Guidance estimated for 3G and 4G devices has been raised by 10 million to the range of 875 million to 945 million devices for 2012. Qualcomm experienced some pressure on gross margins but the volume of sales offsets this. EPS estimates for 2012 have been raised by $0.13 to range of $3.55 to $3.75.
-Simeon
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