Apple Buddy Qualcomm Hikes Dividend

SAN DIEGO, Calif., (TheStreet) -- Apple(AAPL) partner Qualcomm(QCOM) hiked its dividend on Tuesday as the chipmaker enjoys booming demand for its products.

Qualcomm, which provides key components for Apple products such as the iPad and iPhone, will pay a dividend of 25 cents a share on June 20, raising its quarterly payment from 21.5 cents a share.

Qualcomm has raised its quarterly dividend.

The San Diego-based firm has a power management chip lurking inside the new iPad, as well as an RF transceiver for 3G and 4G LTE networks and a wireless modem. Widely regarded as one of the best positioned companies for the push to 4G networks, Qualcomm provided a power management chip and a transceiver for the Verizon(VZ) CDMA version of the iPad 2.

Qualcomm also has a slew of licensing deals with device makers such as Samsung, LG, HTC and Huawei.

Qualcomm sailed past Wall Street estimates in its recent first quarter results and raised its guidance. The company's shares, which have gained more than 24% this year, dipped 13 cents, or 0.4%, to $68.07 on Tuesday afternoon.

--Written by James Rogers in New York.

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