Qualcomm expects 30% growth in 2003

Qualcomm Inc is heading for a phenomenally successful year as carriers roll out out upgrades to CDMA networks, and has forecast that revenue in 2003 will increase between 28% and 33% while earnings in its core business will grow between 37% and 42%.

This prediction by the San Diego, California-based company is on the conservative side as it assumes a second-half slowdown but CEO Dr Irwin Jacobs said that it is best to be cautious.

In the first quarter to December 29, net income rose 73.3% to $241.3m on revenue 57% higher at $1bn. Jacobs said that its strong performance was fueled by successful deployment of 3G CDMA networks, which now extend to 35 operators in 17 countries. He said that after shipping 29 million Mobile Station Modem (MSM) phone chips in the first quarter, it is continuing to see strong demand in the Americas and throughout Asia. He said he anticipates significant revenue growth in China and India this year.

Qualcomm said it expects second-quarter revenue to be up 50% on last year’s level based on an estimate that it will ship 27 million MSM chips of which 86% will be for 3G CDMA2000 phones.

Source: Computerwire

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