Chip maker Qualcomm has increased its forecast for the second quarter and fiscal 2011 revenue as demand for wireless chips in mobile devices continues to soar.
The company said that it expects to generate a fiscal 2011 revenue of between $13.6 billion to $14.2 billion, increasing its forecast by 6 per cent. Qualcomm supplies wireless chips to companies like Apple and HTC, which have been doing well in the smartphone boom.
Qualcomm also told Wall Street analysts that it would post a 10 per cent growth in revenue and earnings per share over the next five years.
The San Diego based company, which rivals Texas Instruments and Nvidia, expects to post sales between $3.45 billion to $3.75 billion in the quarter ending March 2011. For the 2011 fiscal year, the company expects its profit to be $2.91 to $3.05 per share, more than the $2.63 to $2.77 predicted earlier.
For the quarter ending December 26 2010, the company's net income rose 39 per cent to $1.17 billion while sales increased by 25 per cent to $3.35 billion.