Qualcomm Inc reported an increase in quarterly profit and revenue, and raised its financial targets for full-year 2012 on strong demand for its wireless chips.

The biggest supplier of cellphone chips reported a profit $1.395 billion, or 81 cents per share, for its fiscal first-quarter, ended December 25, compared with a profit of $1.17 billion, or 71 cents per share, in the year-ago quarter.

Revenue rose to $4.68 billion from $3.35 billion and compared with Wall Street expectations of $4.58 billion, according to Thomson Reuters I/B/E/S.

In November, Qualcomm forecast first-quarter revenue in a range of $4.35 billion to $4.75 billion and first-quarter net earnings per share in a range of 70 cents to 76 cents.

(Reporting By Sinead Carew; Editing by Steve Orlofsky)

Qualcomm