Qualcomm: Fiscal 3Q Earnings Snapshot
SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal third-quarter net income of $2.15 billion.
On a per-share basis, the San Diego-based company said it had net income of $1.75. Earnings, adjusted for non-recurring gains, came to 80 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The chipmaker posted revenue of $9.64 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $5.11 billion.
For the current quarter ending in September, Qualcomm expects its per-share earnings to range from 65 cents to 75 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.12.
The company said it expects revenue in the range of $4.3 billion to $5.1 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $5.64 billion.
Qualcomm shares have increased 29% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $73.16, an increase of 14% in the last 12 months.