QUALCOMM Incorporated (NASDAQ:QCOM) reported increased profit for the third quarter as revenue rose.
Earnings and Revenue Both EPS and revenues failed to meet Wall Street expectations as The company posted EPS of 69 cents a share and revenues of $4.63 billion. Analysts were expecting EPS of 77 cents a share and revenues of $4.68 billion.
The company's net income for the quarter rose 16.6% to $1.21 billion. Revenue climbed 27.7% from $3.62 billion in the same period last year.
Company Fundamental Trends Last quarter marked the third in a row of rising net income. The company has averaged revenue growth of 33.7% over the past five quarters.
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the second quarter, it topped the mark by 4 cents, and in the first quarter, it was ahead by 6 cents.
Official Comment: "Adoption of 3G and 3G/4G technologies continues around the world, driving strong year-over-year growth in our chipset and licensing businesses this quarter," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "Looking forward, our growth estimates for 3G/4G device shipments in calendar 2012 have moderated slightly, and we now expect the demand profile of the calendar year to be more back-end loaded as new devices are launched for the holiday season. Although our outlook for semiconductor volumes in the fiscal fourth quarter has been reduced from our prior expectations, we are ramping supply of our 28 nanometer chipsets to help enable what we expect to be a strong December quarter for our semiconductor business."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.