Qualcomm Reports Great Earnings, Helps Lift Market
San Diego-based Qualcomm reported smashing quarterly earnings today (April 20). So did Apple Computer. Qualcomm's chips are inside Apple's iPhone and more than half of all new smartphones based on Google's rival Android system, according to the Associated Press. Smartphones equal smart performance. Qualcomm reported second quarter earnings of 59 cents a share, up from 46 cents a year earlier. Revenue was $3.9 billion, up from $2.7 billion in the same quarter a year earlier. The shares are up more than 5% in after-hours trading. Meanwhile, Apple enjoyed a 95% earnings gain in its second quarter; earnings per share were $6.40, up from $3.33 a year earlier. Strong iPhone and iPad sales propelled Apple's success. The stock market had a strong day today, although both companies reported after the closing. Futures markets are up strongly in early Thursday trading, and Asian markets seem to be celebrating the U.S. tech sector's good fortune. Earlier this week, Intel and IBM reported strong earnings.
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