Qualcomm Issues Q3 Guidance - Quick Facts

(RTTNews) - Qualcomm Incorporated (QCOM) said, for the third quarter, the company projects non-GAAP earnings per share in a range of $0.60 - $0.80, and revenues of $4.4 billion - $5.2 billion. The company's guidance is based on a planning assumption that there will be an approximate 30% reduction in handset shipments relative to prior expectations, resulting in an estimated impact of greater than $0.30 to earnings per share in the third quarter of fiscal 2020.

For the second quarter, non GAAP earnings per share was $0.88 compared to $0.77, a year ago. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts' estimates typically exclude special items. The company said its results were negatively impacted by COVID-19 pandemic, which caused a reduction in demand of 3G/4G/5G handsets of approximately 21% compared to prior expectation and on a year-over-year basis.

Second quarter revenues were $5.21 billion, an increase of 7%. Analysts expected revenue of $5.02 billion for the quarter.