Qualcomm Sinks To 52-week Low On Weak Outlook

Shares of Qualcomm Inc. sank to their 52-week low on Thursday after the chip maker reported lower quarterly earnings and a weak outlook. The chip maker said late Wednesday its fiscal fourth-quarter earnings dropped to $1.1 billion, or 67 cents a share, from $1.9 billion, or $1.11 a share, a year ago. It also forecast first-quarter adjusted earnings of 80 cents a share to 90 cents a share and revenue in a range of $5.2 billion to $6 billion. Analysts surveyed by FactSet are projecting EPS of 91 cents and revenue of $5.63 billion on the average. Qualcomm shares slumped 14% to $51.99, among the worst performers in the S&P 500.