Qualcomm Shares Up 1% On Earnings Beat

Shares of semiconductor and telecommunications equipment maker Qualcomm Inc. rose 1% late Wednesday after the company reported fiscal fourth-quarter earnings above Wall Street expectations. The San Diego-based company said it earned $1.6 billion, or $1.07 a share, in the quarter, compared with $1.1 billion, or 67 cents a share, in the year-ago period. Adjusted for one-time items, Qualcomm said it earned $1.9 billion, or $1.28 a share, in the quarter, compared with $1.4 billion, or 91 cents a share, in the year-ago period. Sales reached $6.2 billion, up 13% from $5.5 billion in the fiscal fourth quarter of 2015. Analysts polled by FactSet had expected Qualcomm to report adjusted earnings of $1.13 cents a share on sales of $5.9 billion. "We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions," Qualcomm said. Fourth-quarter results were higher than company expectations on new license agreements in China and strong chipset shipments, the company said. Shares had ended the regular trading day down 1.8%.