SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter profit of $3 billion.

On a per-share basis, the San Diego-based company said it had profit of $2.78. Earnings, adjusted for stock option expense and non-recurring costs, came to $3.50 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.39 per share.

The chipmaker posted revenue of $12.25 billion in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $12.28 billion.

For the current quarter ending in March, Qualcomm expects its per-share earnings to range from $2.45 to $2.65.

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