Qualcomm tops 3Q earnings and revenue expectations
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.
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