Qualcomm: Fiscal 1Q Earnings Snapshot
SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal first-quarter net income of $1.07 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Diego-based company said it had net income of 87 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.20 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The chipmaker posted revenue of $4.84 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $4.88 billion.
For the current quarter ending in April, Qualcomm expects its per-share earnings to range from 65 cents to 75 cents.
The company said it expects revenue in the range of $4.4 billion to $5.2 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $4.78 billion.
Qualcomm shares have decreased 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 7 percent. In the final minutes of trading on Wednesday, shares hit $50.17, a decline of 25 percent in the last 12 months.