Qualcomm Inc. (NASDAQ: QCOM) is seeing a very positive reaction this morning after the company raised guidance. 

The company sees earnings at $0.54 to $0.55 EPS, above its prior targets of $0.50 to $0.52 EPS.  Its Revenues are now expected to be above its earlier estimates of $2.5 to $2.7 Billion.  On last look, First Call had estimates at $0.52 EPS on $2.61 Billion in revenues.

The CDMA chip royalty company now sees Q3 results to be better than anticipated on increased demand for its next-generation cell phones and other devices now that it shipped 86 million Mobile Station Modem chips.

Shares are up over 3.5% at $47.94 in early trading, and its 52-week trading range is $35.17 to $49.50.

Jon C. Ogg
June 12, 2008