Qualcomm Beats Earnings, Cuts Semiconductor Outlook

Chip maker Qualcomm Inc. late Wednesday said it earned $1.1 billion, or 63 cents a share, in the fiscal second quarter. That compares with $1.14 a share a year ago. Adjusted for one-time items, Qualcomm earned $1.40 a share on revenues of $6.9 billion. That compares with adjusted earnings of $1.31 a year ago on revenues of $6.4 billion. Analysts polled by FactSet had expected adjusted earnings of $1.33 a share on sales of $6.8 billion. Qualcomm reduced the 2015 outlook for its semiconductor business due to reduced sales in integrated processors and a decline in the company's share at a large customer. Qualcomm stock declined 2.2% in after-hours trading.