QUALCOMM reports Q2 earnings; Shares down

This afternoon, Wednesday, April 23, 2014, Qualcomm

announced its second quarter earnings. Shares of the company are down 4.40 percent or $3.55 per share in after-hours trading to $77.16 after the company missed revenue expectations. The technology giant reported second quarter revenue of $6.37 billion, representing a four percent increase year-over-year. The chip-maker also has its second quarter net income jump five percent to $1.96 billion. The company also had its effective tax rate set at 14 percent. “We delivered another solid quarter, driven by demand for our leading multimode 3G/LTE chipset solutions and record licensing revenues,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “Looking forward, we are pleased to be raising our earnings per share guidance for the fiscal year. We continue to see increasing demand for our industry-leading chipsets and strong growth in calendar year 2014 of 3G/4G smartphones around the world.” The company also returned $1.59 billion to shareholders, including one billion through share repurchases and $589 million through cash paid dividends.