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Qualcomm's third-quarter revenue beats Street


    SAN FRANCISCO (Reuters) - Leading mobile chipmaker Qualcomm Inc posted higher fiscal third-quarter revenue that beat analysts' expectations as demand in the smartphone market shifts to China and other price-sensitive developing countries.

    The chipmaker on Wednesday reported third-quarter revenue of $6.81 billion, up 9 percent from the year-ago period. Analysts on average had expected third-quarter revenue of $6.52 billion, according to Thomson Reuters I/B/E/S.

    Qualcomm had third-quarter net income of $2.24 billion, up 42 percent. GAAP diluted earnings per share were $1.31. Its non-GAAP earnings per share were $1.44, well above the midpoint of its previous forecast of between $1.15 and $1.25.

    (Reporting by Noel Randewich; Editing by Chizu Nomiyama)