Qualcomm records 31% rise in profits in third quarter

Qualcomm records 31% rise in profits in third quarterChip maker, Qualcomm has recorded an increase of 31 per cent in profits to $1.58 billion during its third quarter of the year.

Qualcomm has recorded strong demand in the smartphone and tablet market. Its processors are powering a host of high-profile devices including some Samsung Galaxy S4 handsets and are set to be inside Google's second generation Nexus 7 tablet. Hind demand from manufacturers of tablets and smartphones have helped the company increase its revenues by 35 per cent to $6.24 billion.

Qualcomm's Snapdragon chip is the standard processor for Microsoft's Windows Phone devicesand also powered popular devices like HTC One. Qualcomm has also benefitted from the decision by Texas Instruments to exit the consumer system on chip market and a delay by Nvidia in offering its Tegra 4 in the market.

Qualcomm chairman and CEO Paul Jacobs said, "We delivered another strong quarter as our Qualcomm Snapdragon solutions were prominent in a broad set of flagship smartphones, and 3G/4G device average selling prices were stronger than expected. We also focused on return of capital to stockholders and increased our stock repurchases and dividends paid during the quarter."

He also said that the company continues to lead the technology industry with its Snapdragon 800 processor powering the world's first LTE-Advanced smartphone.