(MENAFN) Qualcomm Inc CFO, Bill Keitel, stated that the leading supplier of chips for mobile phones logged a profit of USD1.91 billion in the first quarter, from USD1.4 billion in the same period a year earlier, reported Reuters.
Keitel said that in the quarter ended December 30, revenue increased to USD6.02 billion, compared with USD4.68 billion in 2011's same quarter.
The San Diego-based company lifted its financial targets for 2013 as a result of strong demand for smartphones and high-speed wireless services, known as Long Term Evolution (LTE), as the company is the only viable option for LTE at present.
It is worth noting that Qualcomm, which receives royalty payments from any mobile manufacturer that do not use its chips, lifted its revenue guidance for the full year to between USD23.4 billion and USD24.4 billion, compared with an earlier target of USD23 billion-USD24 billion.
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