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Qualcomm says year on track, focuses on China


By Noel Randewich SAN FRANCISCO (Reuters) – Leading mobile chipmaker Qualcomm Inc posted higher fiscal first-quarter revenue that slightly missed estimates as smartphone growth shifted to China, but it bumped up its full-year earnings outlook and said 2014 was playing out as expected. With growth in the smartphone industry moving away from wealthy markets such as the United States and toward China and other emerging economies, where consumers favor less expensive devices, Qualcomm has been focusing on costs to preserve its profitability. It expects demand for its chips to grow later this year as leading mobile carrier China Mobile rolls out cellphone services using the advanced LTE technology Qualcomm dominates. Wednesdays was the first quarterly report since Qualcomm announced in December that Chief Operating Officer Steve Mollenkopf would take over from Paul Jacobs as CEO starting in March.

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