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

MarketsAssociated 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.

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

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Keywords:Qualcomm,Earnings Report