SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter profit of $3.18 billion.

The San Diego-based company said it had profit of $2.83 per share. Earnings, adjusted for stock option expense and non-recurring costs, were $3.41 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.93 per share.

The chipmaker posted revenue of $11.67 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $10.92 billion.

For the current quarter ending in March, Qualcomm expects its per-share earnings to range from $2.70 to $2.90.

The company said it expects revenue in the range of $10.2 billion to $11 billion for the fiscal second quarter.

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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