Qualcomm Tops Street Estimates On Results, Falls Short On Outlook

Qualcomm Inc. shares dipped in the extended session Wednesday after the chip maker topped Wall Street estimates for the fiscal first quarter but offered a weak outlook for the second quarter. Qualcomm shares declined 0.6% to $47.42 after hours. The company reported adjusted fiscal first-quarter earnings of 97 cents a share on revenue of $5.78 billion. Analysts surveyed by FactSet had forecast 90 cents a share on revenue of $5.69 billion. For the fiscal second quarter, Qualcomm said it expects adjusted earnings of 90 cents to $1 a share on revenue of $4.9 billion to $5.7 billion. Analysts had estimated $1.02 a share on revenue of $5.68 billion.