Financial Post reports Qualcomm surpassed Intel in market value for the first time ever. Qualcomm's shares rose 7.1 percent yesterday as the company's forecast results beat analyst' expectations.
Qualcomm Inc. gained a bigger market value than Intel Corp. for the first time after it forecast results that topped analysts’ predictions, adding to evidence that smartphones are gaining ground at the expense of computers.
Shares of San Diego-based Qualcomm jumped 7.1 percent to $62.24 as of 11:09 a.m. in New York, giving the largest seller of mobile-phone semiconductors a market capitalization of about $106 billion, higher than Intel’s $105 billion.
Qualcomm reached the milestone after forecasting earnings and sales this quarter that showed robust demand for handheld devices. Under Chief Executive Officer Paul Jacobs, the company is gaining as consumers in developed nations snap up pricey new phones while those in emerging markets upgrade to devices that provide Web access. Intel, a laggard in the market for mobile- phone chips, is being hurt by slack personal-computer sales.