NEW YORK — Wireless chip and technology supplier Qualcomm Inc. posted a higher profit for its fiscal second quarter Wednesday (April 23), and raised its full-year earnings and revenue targets.

Analysts said the company appeared to be benefiting from market share gains by major customers such as LG Electronics and Samsung Electronics, which compete with cell phone leader Nokia Oyj.

"Qualcomm delivered a very strong quarter," said Global Crown Capital analyst Pablo Perez-Fernandez, adding that its forecasts also bode well for Qualcomm customers. "The market is growing faster than people believe and Qualcomm customers LG and Samsung are gaining market share."

Qualcomm's quarterly net profit rose to $766 million, or 47 cents a share, for the quarter ended March 30, from $726 million, or 43 cents a share, in the year-ago quarter. Revenue grew to $2.6 billion from $2.22 billion.

Excluding its investment arm and other items, it earned 54 cents per share, compared with analysts' average estimate of 52 cents a share, according to Reuters Estimates.

Qualcomm forecast full-year earnings per share, excluding items, of $2.04 to $2.09, up from its earlier target of $2.01 to $2.07. This compared with the average analyst forecast of $2.09 per share.

It said 2008 revenue would be $10 billion to $10.4 billion, up from its earlier estimate of $9.6 billion to $10 billion. On average analysts were expecting revenue of $9.96 billion.

Qualcomm shares were unchanged from their Nasdaq close of $41.89 in late trade, after rising briefly to $42.60.

Perez-Fernandez noted that Qualcomm had a reputation for setting conservative financial targets, potentially muting the reaction to its increased range.

It had said in March it still backed its second-quarter targets after rival Texas Instruments Inc warned of weak demand for chips used in advanced phones.

Qualcomm has been embroiled in legal battles with chip rival Broadcom Corp and No. 1 phone maker Nokia Oyj .