Qualcomm reported revenue of $6.4 billion for its second quarter of fiscal 2014 ended March 30, up 4 percent year-over-year (y-o-y) and down 4 percent sequentially. Net income was $1.96 billion, up 5 percent y-o-y and 4 percent sequentially.
"We delivered another solid quarter, driven by demand for our leading multimode 3G/LTE chipset solutions and record licensing revenues," said Steve Mollenkopf, CEO of Qualcomm Incorporated. "Looking forward, we are pleased to be raising our earnings per share guidance for the fiscal year. We continue to see increasing demand for our industry-leading chipsets and strong growth in calendar year 2014 of 3G/4G smartphones around the world."
Qualcomm also raised its earnings per share guidance for the fiscal year.
On an investor call, Mollenkopf commented on slowdowns in the replacement cycle for smartphones in North America, the delayed rollout of LTE networks in China which is impacting smartphone upgrades sales, and efforts by carriers to limit subsidy programs.