Qualcomm Inc. raised its earnings forecasts, citing a surge in shipments of its chips for cell phones. The company now expects earnings of 49 cents to 51 cents a share for the third quarter ending June 27, up from an early estimate of 48 cents to 50 cents a share.

Revenue for the quarter will grow 44 percent to 46 percent year over year to around $1.35 billion in the quarter. The company had previously expected 41 percent to 44 percent revenue growth.

Excluding an expected loss of 2 cents a share from Qualcomm Strategic Initiatives, an investment unit the company is working to exit, the company expects earnings of 51 cents to 53 cents a share.

Qualcomm said it expects 34 million to 35 million cell phone chips to be shipped during the third quarter. Previous earnings projections assumed chip shipments of 33 million to 34 million in the period.

The company had seen growth of 26 percent to 29 percent for the year.

By: DocMemory
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