Qualcomm Earnings Bounce Back, Stock Gains

After a huge drop in profit the previous quarter, Qualcomm Inc. bounced back with gains according to a Wednesday earnings report, and shares gained more than 5% in late trading. The San Diego mobile-chip company reported earnings of $1.2 billion, or 97 cents a share, on sales of $6 billion; after adjustments for stock-based compensation and other factors, the company reported profit of $1.16 per share. Analysts on average expected adjusted earnings of 98 cents a share on sales of $5.6 billion, according to FactSet. Shares neared $59 in late trading after closing with a gain of 1.2% at $55.82.