Qualcomm Meets Estimates

Third-quarter profit fell at Qualcomm(QCOM Quote), but the company met Wall Street's expectations.

The San Diego chipmaker said late Wednesday that net income fell 6% to $748 million, or 45 cents a share, from $798 million , or 47 cents a share, a year earlier.

Excluding various items, the company earned 55 cents a share, in line with analysts' expectations.

Revenue grew 19% year over year to $2.76 billion, slightly ahead of the Street's average forecast of $2.71 billion.

Qualcomm said free cash flow fell 14% to $844 million.

Earlier Wednesday, the company said it agreed to a legal settlement with Nokia(NOK Quote) regarding the companies' patent license dispute. Qualcomm's shares jumped more than 15% in after-hours trading to $51.75 on the news.