Qualcomm Falls on Q2 Results; Provides Updated Forecast

Qualcomm

released its fiscal second-quarter results after the closing bell on Wednesday. In late trading, the stock was last down a little more than 5 percent to $62.56. The company reported net income of $1.9 billion or $1.06 per share, compared to $2.2 billion or $1.28 per share, in last year's corresponding period. On a non-GAAP basis, net income was $2.1 billion or $1.17 per share, compared to $1.8 billion or $1.01 per share, in the year ago period. This beat Wall Street analysts' consensus EPS estimates of $1.16 by a penny. Total revenue in the quarter was $6.12 billion from $4.94 billion last year. This also came in ahead of consensus expectations of $6.07 billion in Q2 revenue. Looking ahead to the third-quarter, Qualcomm guided for non-GAAP earnings per share of $0.97 to $1.05 on revenue of $5.8 billion to $6.3 billion. Currently, analysts expect the company to report EPS of $1.04 on revenue of $5.88 billion. For the full-year, Qualcomm said that it sees non-GAAP earnings per share of $4.40 to $4.45 compared to its previous guidance of $4.25 to $4.45 for fiscal 2013. Currently, Wall Street has consensus EPS estimates of $4.53 for fiscal 2013.