3G on Track Despite Weak U.S. Economy
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Qualcomm said demand for advanced mobile technology was healthy, despite worries about a weaker U.S. economy, and business conditions had not changed since its July conference call.
Len Lauer, Qualcomm's (NASDAQ: QCOM) chief operating officer, told a Deutsche Bank investor conference on Wednesday that "things haven't changed" since the company's conference call with analysts in late July, when it raised its forecast for 2008 amid strong growth in phones with high-speed Web links.
Lauer said that "good, healthy demand for 3G" continues.
Qualcomm CEO Paul Jacobs said in an interview with CNBC last week that customers were taking longer to replace their mobile phones, in remarks that helped drive the company's shares down 3 percent that day.
The stock was up about 1 percent in extended trading from their NASDAQ close of $46.73.