Qualcomm Q1 Results Top Estimates, Cuts FY Guidance; Stock Down 4%

(RTTNews) - Qualcomm Inc (QCOM) on Wednesday reported first-quarter net earnings of $1.97 billion or $1.17 per share compared with $1.88 billion or $1.09 per share last year.

Excluding items, adjusted earnings for the quarter were $1.34 per share compared with $1.26 per share a year ago.

Revenues for the quarter were $7.1 billion compared with $6.6 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.25 per share on revenues of $6.4 billion for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings of $1.28 to $1.40 per share on revenues of $6.5 billion to $7.1 billion. Analysts expect earnings of $1.28 per share on revenues of $6.74 billion.

For the full year 2015, Qualcomm now projects adjusted earnings of $4.75 to $5.05 per share on revenues of $26 billion to $28 billion. Earlier it expected earnings of $5.05 to $5.35 per share on revenues of $26.8 billion to $28.8 billion.

Analysts expect earnings of $5.21 per share on revenues of $27.8 billion for the year.