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Qualcomm optimistic about economy

Family-controlled wireless communications company Qualcomm has given a clear indication that they expect the US economy to pick up in the second half of this year. The company yesterday raised their financial guidance for the third quarter of 2009 to between $2.67 billion and $2.77 billion. Previous quarter revenue estimates were between $2.40 billion to $2.60 billion.
 
Second-generation chairman Dr Paul Jacobs (pictured) explained it is the higher than expect demand for their product that has caused the raised guidelines. 

"We are very pleased to raise our fiscal third quarter guidance, reflecting the strong worldwide demand for wireless broadband powered by 3G CDMA. Our increased guidance reflects stronger than expected demand for more data-capable chipsets and increased licensing revenues driven in part by advanced 3G network upgrades," said Jacobs. 

However, he remains wary due to the current economic environment. "While demand remains generally strong, we remain cautious," he added.
 
Jacobs became chairman in March 2009 after his father, co-founder Dr Irwin Mark Jacobs, retired. Qualcomm is based in San Diego, California and recorded revenues in September 2008 of $11 billion.
 
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