Qualcomm's Strong Q1 Beats EPS Estimates

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Qualcomm (NASDAQ: QCOM ) posted Q1 results that reached new peaks and trounced market expectations. Revenues for the quarter reached a record $6 billion, 29% higher than the same period the previous year, and above the average analyst estimate of $5.9 billion.

Net profit measured on a non-GAAP basis came in at $2.2 billion ($1.26). The EPS figure was also a quarterly record for the company, and was notably higher than the $1.12 average estimate from analysts. It also represented a 32% year-over-year improvement.

Qualcomm also provided Q2 and fiscal 2013 guidance in its earnings release. The company believes it will post revenue of $5.8 billion-$6.3 billion in the current quarter, and EPS of $1.10-$1.18.

For the full year, it anticipates top line of $23.4 billion-$24.4 billion, with EPS of $4.25-$4.45. The latter set of figures represents an increase over the company's previous guidance, as well as the average analyst estimate.

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