Qualcomm Q1 Profit Declines; Lifts FY14 Earnings Outlook - Quick Facts

(RTTNews) - Qualcomm Inc. (QCOM) Wednesday reported first-quarter net income of $1.88 billion or $1.09 per share, down from $1.91 billion or $1.09 per share in the same period last year.

Adjusted earnings for the quarter was $2.16 billion or $1.26 per share. On average, 11 analysts polled by Thomson Reuters expected the company to earn $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 10% to $6.62 billion from $6.02 billion last year, while ten analysts expected revenues of $6.67 billion.

Looking ahead to the second quarter, the company has forecast earnings in the range of $0.99 to $1.09 per share, with adjusted earnings expected between $1.15 and $1.25 per share.

Revenues are expected to be in the order of $6.1 billion to $6.7 billion. Analysts currently expect the company to earn $1.26 per share on second-quarter revenues of $6.72 billion.

For the fiscal 2014, the company raised its earnings to a range of $4.33 to $4.53 per share and adjusted earnings in the range of $5.00 to $5.20 per share. Earlier, the company expected earnings in the range of $4.25 to $4.45 per share and adjusted earnings in the order of $4.95 to $5.15 per share.

The company continues to expect revenues to range between $26.0 billion and $27.5 billion. Analysts currently expect the company to report full-year earnings of $5.09 a share on revenues of $27.06 billion.