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.