Qualcomm Higher After Hours Despite Missing Estimates
Qualcomm (NASDAQ: QCOM) released its fiscal third-quarter earnings after the closing bell on Wednesday. The company reported net income of $1.207 billion or $0.69 per share, compared to $1.035 billion or $0.61 per share, in last year's corresponding quarter.
On a non-GAAP basis, which is comparable to analysts' consensus, Qualcomm reported net income of $1.486 billion or $0.85 per share, versus $1.240 billion or $0.73 per share in last year's third-quarter. This compared to Wall Street analysts' consensus EPS estimates of $0.86.
Total revenues in the period were $4.626 billion, up from $3.623 billion last year. This also missed Wall Street estimates of $4.68 billion.
Looking ahead to the fourth-quarter, Qualcomm sees non-GAAP EPS between $0.78 to $0.84 and revenues of $4.45 billion to $4.85 billion. Currently, analysts expect the company to report EPS of $0.89 on revenues of $4.90 billion.
For fiscal 2012, Qualcomm now sees non-GAAP EPS of $3.61 to $3.67 on revenues of $18.7 billion to $19.1 billion. This compares to previous full-year guidance of non-GAAP EPS between $3.61 to $3.76 on revenues of $18.7 billion to $19.7 billion. Currently, analysts expect the company to report EPS of $3.74 on revenues of $19.20 billion.
In the after hours trading session, Qualcomm shares initially plunged on the poor Q3 results and lowered guidance. The stock has since rebounded, however, and was last trading up more than 5 percent to $58.90.
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