Qualcomm Announces Results

San Diego-based Qualcomm has reported its third quarter 2006 results, posting revenues of $1.95 billion, and net income of $643 million. The telecommunications giant's revenues were up 6 percent from the prior quarter, and up 44 percent from the prior year. Net income was up 8 percent quarter-to-quarter, and up 15 percent from the prior year. Qualcomm said that its strong results were driven by customer deman for its 1xEV-DO and WCDMA chipsets. Qualcomm is now sitting on $9.5 billion dollars in cash, slighly down from last quarter due to a stock repurchase program.