Qualcomm Shares Slip On Outlook

Qualcomm Inc. shares slipped in the extended session Wednesday after the chip maker's weak outlook countered a realignment plan and earnings that topped Wall Street estimates. Qualcomm shares adfell 1.5% to $63.22 on heavy volume. The company reported adjusted fiscal third-quarter earnings of 99 cents a share on revenue of $5.8 billion. Analysts surveyed by FactSet had forecast 95 cents a share on revenue of $5.84 billion. Qualcomm expects fiscal fourth-quarter earnings of 75 cents to 95 cents a share on revenue of $4.7 billion to $5.7 billion. Analysts expect $1.08 a share on revenue of $6.13 billion. Qualcomm said it plans to cut annual costs by $1.1 billion and reduce its workforce by an unspecified amount.