Qualcomm tops 3Q earnings and revenue expectations

MarketsAssociated Press

Qualcomm Inc. (QCOM) on Wednesday reported fiscal third-quarter earnings of $1.18 billion.

On a per-share basis, the San Diego-based company said it had net income of 73 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 99 cents per share.

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The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.

The chipmaker posted revenue of $5.83 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $5.77 billion.

For the current quarter ending in September, Qualcomm expects its per-share earnings to range from 75 cents to 95 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.07.

The company said it expects revenue in the range of $4.7 billion to $5.7 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $6.1 billion.

Qualcomm expects full-year earnings in the range of $4.50 to $4.70 per share, with revenue ranging from $24.5 billion to $25.5 billion.

Qualcomm shares have fallen 14 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. In the final minutes of trading on Wednesday, shares hit $64.18, a decrease of 19 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QCOM at http://www.zacks.com/ap/QCOM

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Keywords: Qualcomm, Earnings Report