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Qualcomm sees Q1 profit soar

But a well stuffed channel could clip its wings

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Wireless technology developer – and one-time handset maker – Qualcomm, has posted Q1 results that pipped analysts' expectations at the post. Turnover for the three months ended 26 December 1999 was up 19 per cent to £1.1 billion, from $941 million in the same period last year. Profit stood at $192 million, which equates to 25 cents per share – just ahead of the 24 cents per share that had been expected. This compares with $49 million – eight cents per share - for the last Q1. After unloading its handset division to Kyocera over the New Year, Qualcomm will be focusing on CMDA development, a market expected to balloon with the take-up of next-generation mobile devices. Shipments could suffer in Q2 though, as company hinted that the phone channel is full to bursting with product. According to Reuters, the outlook for Q2 is likely to hit the 25 cent per share earnings mark predicted by analysts. ® See also: Kyocera buys Qualcomm Terrestrial

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