SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal third-quarter net income of $1.8 billion.
On a per-share basis, the San Diego-based company said it had profit of $1.60. Earnings, adjusted for one-time gains and costs, were $1.87 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.
The chipmaker posted revenue of $8.45 billion in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $8.51 billion.
For the current quarter ending in September, Qualcomm expects its per-share earnings to range from $1.80 to $2. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.18.
The company said it expects revenue in the range of $8.1 billion to $8.9 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $11.85 billion.
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, source Associated Press News