Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter earnings of $1.97 billion.
On a per-share basis, the San Diego-based company said it had profit of $1.17. Earnings, adjusted for stock option expense and non-recurring costs, were $1.34 per share.
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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The chipmaker posted revenue of $7.1 billion in the period, which also beat Street forecasts. Analysts expected $6.92 billion, according to Zacks.
For the current quarter ending in March, Qualcomm expects its per-share earnings to range from $1.28 to $1.40. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.26.
The company said it expects revenue in the range of $6.5 billion to $7.1 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $6.74 billion.
Qualcomm expects full-year earnings in the range of $4.75 to $5.05 per share, with revenue ranging from $26 billion to $28 billion.
Qualcomm shares have declined 4.5 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped almost 3 percent. In the final minutes of trading on Wednesday, shares hit $70.99, a fall of slightly more than 1 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QCOM at http://www.zacks.com/ap/QCOM
Keywords: Qualcomm, Earnings Report