San Diego based Chip maker Qualcomm’s Q4 net income rose by 51% which the company termed as ‘above the high end of its expectations’. The company posted Q4 net income of $1.6 billion for fiscal 2016 compared to $1.1 billion for the same period in fiscal 2015. Sequentially, the net income rose by 11%
The company said the growth was primarily driven by strong demand from China.
“Our fiscal fourth quarter EPS was above the high end of our expectations, reflecting new license agreements in China and strong chipset shipments,” said Steve Mollenkopf, CEO of Qualcomm.
Qualcomm’s Q4 revenue also saw a surge during this period. It reported a growth of 13% to post revenues of $6.2 billion compared to $5.5 billion in Q4 of fiscal 2015.
Sequentially the company’s revenue grew by 2%, from $6 billion in Q3.
The company believes this upward trend to continue in the next fiscal as well.
“We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions. We are well positioned to extend our mobile technology leadership and footprint into attractive growth opportunities, accelerated by our recently announced agreement to acquire NXP,” Mollenkopf added.
The company last week had announced to acquire NXP Semiconductors for $38 billion.
Qualcomm also reported that in Q4 it shipped 211 million smartphone chips as against its own estimate of 1950215 million. The company supplies smartphone chips to Android devices as well as to Apple.