Skip to main content

Market Overview

QUALCOMM Posts Upbeat Q4 Earnings, But Issues Weak Profit Outlook

Share:

QUALCOMM, Inc. (NASDAQ: QCOM) reported better-than-expected results for its fiscal fourth quarter on Wednesday. However, the company issued a weak forecast for the first quarter.

For the current quarter, Qualcomm expects a profit of $0.80 to $0.90 per share, on revenue of $5.2 billion to $6 billion. Analysts projected earnings of $1.08 per share on revenue of $5.79 billion.

The San Diego, California-based company posted quarterly net income of $1.06 billion, or $0.67 per share, compared to $1.89 billion, or $1.11 per share, in the year-ago quarter. Excluding items, the company earned $0.91 per share.

Its revenue slipped 18.5 percent to $5.46 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $5.21 billion.

At the end of the fourth quarter, the company had $30.9 billion in cash, cash equivalents and marketable securities, versus $32.0 billion a year ago.

"Our fiscal fourth quarter revenues and EPS were at the high end of our expectations, with stronger-than-expected MSM chipset shipments offsetting slower than expected progress concluding new license agreements in China. We executed a major increase in our capital return program in fiscal 2015, returning a record $14 billion of capital to stockholders," said Steve Mollenkopf, CEO of Qualcomm Incorporated.

QUALCOMM shares fell 5.33 percent to $57.05 in the after-hours trading session.

 

Related Articles (QCOM)

View Comments and Join the Discussion!

Posted-In: profitEarnings News Guidance

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com