Mobile chip maker Qualcomm announced record revenue of US$4.94 billion for its Q2 fiscal 2012 ending on 25 March, representing a 28 percent year-on-year and six percent sequential increase. Net income for the period was US$2.23 billion, up 123 percent year-on-year and 59 percent sequentially. Qualcomm chairman and CEO Paul Jacobs said the company plans to increase its operating expenses to support additional production of 28 nanometre chips and position itself for “opportunities ahead.”