Qualcomm Inc. said today its second-quarter outlook was in line with analysts' expectations and chip shipments are at the high end of targets, driving up shares as it eased some investors' recent concerns about the company.
Qualcomm is one of many companies that have come under increased examination in recent weeks over accounting methods. Shares have dropped 26% in February, while the broader Nasdaq has dropped 11%.
Among the positive news, the company said that phone chip shipments are in line or better than its targets.
"Our second fiscal quarter targets for MSM phone chip shipments are coming in on the upper end of our original estimate of 13-14 million units and our CDMA2000 1X chip shipments are expected to be approximately one million units higher than our original estimate," CEO Irwin Mark Jacobs said.