Qualcomm third-quarter profit increases 42 percent, tops estimate

Qualcomm Inc. (QCOM) on Wednesday reported net income that climbed by 42 percent in its fiscal third quarter, and topped analysts' expectations.

The San Diego-based company said earnings increased to $2.24 billion, or $1.31 per share, from $1.58 billion, or 90 cents per share, in the same quarter a year ago.

Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to $1.44 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.22.

The chipmaker said revenue climbed 9 percent to $6.81 billion from $6.24 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $6.55 billion, according to Zacks.

Qualcomm stock fell $2.83, or 3.5 percent, to $78.77 in aftermarket trading. The shares have increased $7.35, or 9.9 percent, to $81.60 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.5 percent. The stock has risen $20.21, or 33 percent, in the last 12 months.