Cell phone technology giant Qualcomm Inc. announced strong third-quarter earnings Wednesday.
Net income was $486 million, or 58 cents per share, up 154 percent from the same quarter last year.
Revenues were $1.3 billion, up 50 percent from the same quarter in 2003.
San Diego-based Qualcomm, which makes chip sets using CDMA (code division multiple access) technology, owns the majority of CDMA licenses. Both Verizon Wireless and Sprint Corp. run wireless networks based on CDMA.
“The CDMA market continues to exhibit impressive growth as more subscribers are enjoying the benefits of third-generation CDMA networks throughout the world,” Irwin Jacobs, chairman and CEO of Qualcomm, said in a statement.
Jacobs also predicted strong growth for next-generation wideband CDMA. Just this week, AT&T Wireless Services announced plans to launch WCDMA services in four markets, with plans to add additional cities throughout the year.
“Record demand for our chip sets and stronger-than-expected WCDMA sales are driving higher revenues and earnings,” Jacobs said. “Twenty-one device manufacturers have selected Qualcomms chip sets and system software for their WCDMA deployments.”
Company officials also announced strong support for the BREW application development platform, which competes with Java.
Consumers have downloaded 140 million BREW applications, up from 28 million last year, officials said.