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reported better-than-expected earnings for its fiscal third quarter and announced added details on its strategic realignment plan.
The San Diego, California-based reported quarterly earnings of $1.18 billion, or $0.73 per share, compared to $2.24 billion, or $1.31 per share, in the year-ago period. Its adjusted earnings came in at $0.99 per share.
Its revenue declined 14 percent year-over-year to $5.83 billion. However, analysts were expecting a profit of $0.95 per share on revenue of $5.85 billion
The average estimate among 70 Estimize users was for earnings of $0.98 per share and revenue of $5.82 billion.
Its operating income tumbled 40 percent to $1.2 billion in the latest quarter.
At the end of the third quarter, the company had $35.2 billion in cash, cash equivalents and marketable securities, versus $32.7 billion a year earlier.
During the third quarter, Qualcomm returned $6.2 billion to stockholders, including $5.4 billion through repurchases and $757 million of cash dividends paid.
"Our fiscal third quarter revenues, MSM chip shipments and EPS were within prior expectations, and we took a significant step towards our increased capital return commitments through the initiation of a $5 billion accelerated share repurchase as part of our plan to repurchase an additional $10 billion in stock by March 2016," said Steve Mollenkopf, CEO of Qualcomm Incorporated.
Qualcomm expects Q4 adjusted earnings of $0.75 to $0.95 per share, on revenue of $4.7 billion to $5.7 billion. Analysts projected earnings of $1.08 per share on revenue of $6.13 billion.
For FY2015, the company now expects adjusted earnings of $4.50 to $4.70 per share, versus earlier forecast of $ $4.60 to $5.00 per share. The company now projects revenue of $24.5 billion to $25.5 billion, versus prior outlook of $25.0 billion to $27.0 billion.
Qualcomm also announced added details on its strategic realignment plan. The company announced its plans to lower spending by around $1.4 billion and reduce its workforce by 15 percent. The company also reported that will review structural alternatives, including a break-up of the company.
Qualcomm shares gained 2.24 percent to $65.62 in the after-hours trading session.
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