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

By Sue ChangMarketWatch Pulse

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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