Qualcomm Inc. beat expectations with its quarterly earnings report Wednesday, but shares fell as the company projected profit in the current quarter to be lower than analysts' forecasts. The mobile-focused chipmaker reported fiscal second-quarter earnings of $1.2 billion, or 78 cents a share, on sales of $5.6 billion; after adjustments for share-based compensation and other factors, Qualcomm reported profit of $1.04 a share on sales of $5.5 billion. Analysts surveyed by FactSet expected on average for Qualcomm to report adjusted profit of 97 cents a share on sales of $5.34 billion. For the current quarter, the San Diego company projected earnings of 90 cents to $1 a share on sales of $5.2 billion to $6 billion; analysts on average expect profit of $1.02 a share on sales of $5.5 billion, according to FactSet. The company also revealed that it had settled a licensing dispute with LG Electronics Inc. Qualcomm shares declined as much as 3% in immediate late trading after results were announced Wednesday.
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