Qualcomm 4Q results, outlook fall short of Wall Street expectations; Shares slide aftermarket

Economic IndicatorsAssociated Press

Shares of Qualcomm Inc. slid in extended trading Wednesday after its latest quarterly results and forecast fell short of Wall Street estimates.

The San Diego-based chipmaker reported net income of $1.89 billion, or $1.11 per share, over the three months that ended Sept. 28. Excluding one-time items Qualcomm said it earned $1.26 per share. Its revenue totaled $6.69 billion.

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Zacks Investment Research says analysts expected net income of $1.31 per share and $7.03 billion in revenue for the fiscal fourth quarter.

For the current quarter, which ends in December, Qualcomm expects to earn between $1.18 and $1.30 per share on $6.6 billion to $7.2 billion in revenue.

Analysts were forecasting an adjusted profit of $1.44 per share on $7.38 billion in revenue, on average.

Qualcomm shares declined $4.37, or 5.7 percent, to $72.83 in aftermarket trading. They closed at $77.20 on Wednesday, up 5 percent in 2014.


Elements of this story were generated by Automated Insights using data from Zacks Investment Research. QCOM stock research report from Zacks.


Keywords:Qualcomm,Earnings Report