Qualcomm Shares Fall 4% As Results Miss Expectations

Qualcomm Inc. on Wednesday reported a fiscal fourth-quarter profit of $1.89 billion, or $1.11 a share, on revenue of $6.69 billion. During the year-ago period, the communications chipmaker earned $1.5 billion, or 86 cents a share, on $6.5 billion in sales. Excluding one-time items, Qualcomm earned $1.26 a share. Analysts surveyed by FactSet had forecast Qualcomm to earn $1.32 a share on $7.03 billion in revenue. Qualcomm also forecast first-quarter earnings, excluding certain items, of $1.26 a share on sales of $6.62 billion, while analysts had estimated a profit of $1.43 a share on $7.41 billion in revenue. Qualcomm shares fell more than 4% in after-hours trading.