Qualcomm profit beats street, raises guidance; shares rise

A Qualcomm sign is seen at one of Qualcomm's numerous buildings located on its San Diego CampusNEW YORK (Reuters) – Qualcomm Inc , the world's leading supplier of chips for cellphones, reported quarterly earnings and revenue that beat Wall Street expectations and raised its financial targets for 2013 due to growing demand for smartphones and high-speed wireless services. Qualcomm shares rose 6.4 percent in late trade on Wednesday as its outlook wowed investors, in contrast to sluggish demand at other chip makers such as Texas Instruments and Broadcom Corp . …

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