Chipmaker now predicts net income of $830 million-$880 million.
Qualcomm Inc. raised its fiscal third-quarter forecast on stronger demand for its third-generation broadband products, though the company said it remains cautious, owing to the economic downturn.
Still, shares recently fell 1.6% to $45.32.
There has been concern about the demand for cellphones, which have seen falling sales the past several quarters. But Chairman and Chief Executive Paul E. Jacobs reiterated Thursday that global demand is strong for 3G-enabled products and the raised guidance reflects higher-than-expected demand for more data-capable chipsets and licensing revenue driven in part by advanced 3G upgrades.
Click here to find out more!For the quarter ending June 30, Qualcomm now sees net income of $830 million to $880 million on revenue of $2.67 billion to $2.77 billion. The company in April projected earnings of $550 million to $650 million on revenue of $2.4 billion to $2.6 billion, the latter being above analysts' estimates at the time.