Qualcomm Results Miss Estimate, Outlook Weak; Stock Down 4 %

(RTTNews) - Qualcomm Inc (QCOM) Wednesday reported third-quarter net earnings of $1.89 billion or $1.11 per share, compared with $1.5 billion or $0.86 per share last year.

Excluding items, adjusted earnings for the quarter were $1.26 per share, compared with $1.05 per share a year ago.

On average, 28 analysts polled by Thomson Reuters estimated earnings of $1.31 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $6.69 billion, compared with $6.48 billion in the prior year. Twenty-seven analysts had a consensus revenue estimate of $7.02 billion for the quarter.

For the first quarter, the company expects adjusted earnings of $1.18 to $1.30 per share on revenues of $6.6 billion to $7.2 billion. Analysts expect earnings of $1.43 per share on revenues of $7.4 billion.

For the full year 2015, Qualcomm projects adjusted earnings of $5.05 to $5.35 per share on revenues of $26.8 billion to $28.8 billion. Analysts expect earnings of $5.58 per share on revenues of $28.9 billion.