Qualcomm Raises Earnings Forecast on Phone Demand, Cost Cuts

Qualcomm Inc. raised its forecasts for fiscal first-quarter earnings, citing stronger demand for phones as well as cost reductions.

The mobile chipmaker now expects earnings per share to be “at or modestly above the high end” of previous forecasts of 80 cents to 90 cents a share, compared with analysts’ average estimate of 87 cents.

Qualcomm is seeing a stronger quarter amid demand for 3G and 4G devices are benefiting the licensing business and the company is realizing cost savings, it said in a statement Tuesday.

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