Leading mobile chipmaker Qualcomm Inc (QCOM) posted higher fiscal third-quarter results, but its revenue outlook for the September quarter was below Wall Street's expectations, depressing its stock price.
The chipmaker on Wednesday reported third-quarter revenue of $6.81 billion, up 9 percent from the year-ago period. Analysts on average had expected third-quarter revenue of $6.52 billion, according to Thomson Reuters I/B/E/S.
Qualcomm had third-quarter net income of $2.24 billion, up 42 percent. GAAP diluted earnings per share were $1.31. Its non-GAAP earnings per share were $1.44, well above the midpoint of its previous forecast of between $1.15 and $1.25.
It said revenue in the fiscal fourth quarter, which ends in September, would be between $6.5 billion and $7.4 billion, with a midpoint of about $6.95 billion. Analysts on average expected fourth-quarter revenue of $7.15 billion.
Qualcomm shares were down 3.2 percent in extended trading after closing up 0.09 percent at $81.60 on Nasdaq.
(Reporting by Noel Randewich; Editing by Chizu Nomiyama and Cynthia Osterman)