SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter earnings of $2.46 billion.

The San Diego-based company said it had profit of $2.12 per share. Earnings, adjusted for one-time gains and costs, were $2.17 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.10 per share.

The chipmaker posted revenue of $8.24 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $8.3 billion.

For the current quarter ending in April, Qualcomm expects its per-share earnings to range from $1.55 to $1.75. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.56.

The company said it expects revenue in the range of $7.2 billion to $8 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $7.17 billion.

Qualcomm shares have increased 6.5% since the beginning of the year, while the Standard & Poor's 500 index has risen 2%. In the final minutes of trading on Wednesday, shares hit $162.30, an increase of 88% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QCOM at https://www.zacks.com/ap/QCOM

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