Qualcomm released its earnings report for the second quarter for fiscal year 2011, bringing in record revenues and beating its own estimates. The results were boosted by increasing demand for smartphones.
Qualcomm makes chips for smartphones using CDMA technology. The company shipped 118 million Mobile Station Modems (MSM), up 27 percent year-on-year. MSM contains the necessary chips for a mobile phone.
Qualcomm estimates that the quarterly CDMA-based mobile phone shipments were approximately 195 to 200 million units at an average selling price of $200-206 per unit.
The revenues were $3.88 billion up 46 percent year-over-year and 16 percent sequentially. Net income was $999 million, up 29 percent year-on-year and down 15 percent sequentially.
Qualcomm’s mobile television network FLO TV was shut down on March 27. The company sold its 700 MHz spectrum, used for FLO TV, to AT&T for $1.9 billion.
The company announced in January that it is going to purchase Wi-Fi chipmaker Atheros for $3.1 billion. Now the transaction has the approval of Atheros? shareholders and foreign regulators. Qualcomm expects the merger to close in the third quarter of fiscal 2011.
For the third quarter, Qualcomm expect to ship 115-119 million Mobile Station Modems. The revenue estimate for the third quarter is between $3.35 billion and $3.65 billion, up 24-35 percent year-over-year.
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