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.
Fool contributor Eric Volkman has no position in Qualcomm. The Motley Fool owns shares of Qualcomm. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.