Qualcomm Shares Volatile In Wake Of Better-than-expected Results

Qualcomm Corp. shares weaved in and out of positive territory in Wednesday's extended session after the biggest supplier of chips for mobile phones posted better-than-expected quarterly results. Qualcomm reported its fiscal fourth-quarter earnings fell to $1.1 billion, or 67 cents a share, from $1.9 billion, or $1.11 a share, a year ago. On an adjusted basis, the chip maker would have earned 91 cents a share, ahead of the 86 cents a share forecast by analysts in a FactSet survey. Revenue fell 18% to $5.5 billion. Analysts had projected $5.21 billion. In the first quarter, Qualcomm expects adjusted EPS in a range of 80 cents to 90 cents and revenue of $5.2 billion to $6 billion. The San Diego-based company said, however, that it will no longer provide annual guidance, without elaborating. Shares of Qualcomm are down 0.4% in after-hours session after trading higher earlier.

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