Qualcomm Down 3% After Q2 Earnings

Qualcomm QCOM released its Q2 earnings after the closing bell on Wednesday. The company reported net income attributable to the company of $2.23 billion or $1.28 per share, versus $999 million or $0.59 per share, in last year's corresponding quarter. On a non-GAAP basis, net income came in at $1.76 billion or $1.01 per share, compared to $1.45 billion or $0.86 per share, last year. This compared to Wall Street analysts' consensus EPS estimates of $0.96. Total revenues for the quarter rose to $4.94 billion compared to $3.87 billion in last year's second quarter. This came in ahead of Wall Street consensus revenue estimates of $4.84 billion. For the third quarter, the company expects GAAP earnings per share to be in the range of $0.67 to $0.73. Non-GAAP earnings per share are anticipated to be between $0.83 and $0.89. Revenues are expected to be between $4.45 billion and $4.85 billion. Currently, Wall Street analysts have Q3 consensus EPS estimates of $0.90 on revenues of $4.80 billion. In addition to providing guidance for the third quarter, QCOM also updated its fiscal 2012 guidance. The company now expects GAAP earnings per share in a range between $3.41 and $3.56. Non-GAAP earnings are anticipated to be between $3.61 to $3.76. Qualcomm also reiterated its fiscal 2012 revenue guidance of $18.7 - $19.7 billion. Currently, analysts have consensus EPS estimates of $3.77 on revenues of $19.37 billion for fiscal 2012. Previously, the company guided for GAAP earnings per share in the range of $3.36 - $3.56 and non-GAAP earnings of $3.55 - $3.75 per share for fiscal 2012. In Wednesday's after hours, QCOM shares have lost 3.49% to $64.65.