(Updates to provide comments from the conference call.)
The San Diego-based firm, which supplies semiconductors to handset makers including Apple (AAPL) and Samsung, expects third-quarter earnings of 83 cents to 89 cents a share. Revenue is forecast at $4.45 billion to $4.85 billion. Analysts polled by Thomson Reuters had estimated earnings of 90 cents on $4.8 billion in revenue.
|Qualcomm reported second-quarter earnings after market close on Wednesday|
In the most recent quarter, Qualcomm posted earnings, excluding items, of $1.01 a share on $4.94 billion in revenue. Analysts polled by Thomson Reuters had expected earnings of 96 cents a share on $4.84 billion in revenue.Shares of Qualcomm finished the regular session lower, down 0.3% to close at $67.05. In extended-hours trading, after the report was released, Qualcomm extended a decline to 3.5%, according to Nasdaq.com. The semiconductor company said it's seeing supply constraints for its 28 nanometer chips, as demand is outpacing supply. It's working on getting supply up to speed, and that will cause operating expenses to be slightly higher in the third quarter. Still, Qualcomm reaffirmed its full-year revenue guidance of $18.7 billion to $19.7 billion, up 25% to 32%. It also raised its non-GAAP full-year earnings to $3.61 to $3.76 per share, up from a previous $3.55 to $3.75. Qualcomm CEO Paul Jacobs cited growth in 3G and 4G smartphones in the most recent quarter. On a conference call, the company said there are more than 370 announced Snapdragon devices, and more than 400 in design. The company is expecting stronger demand in the last half of the year than it was a few months ago as more products come online. Also of note was the comment that there is going to be a lot of focus on product launches in the company's September quarter, and particularly in the December quarter. The chipmaker ended the quarter with $26.6 billion in cash, up from $22.1 billion in the year-earlier quarter. Interested in more on Qualcomm? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: firstname.lastname@example.org
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV