NEW YORK (
(QCOM - Get Report)
expected earnings beat and guidance raise
, but the numbers weren't strong enough to keep the Street happy.
The San Diego chip shop posted adjusted earnings of 73 cents a share Wednesday, up from the 68 cent profit in the year-ago period and two cents better than the analysts' consensus target.
Sales for the fiscal third quarter ended last month were $3.62 billion, up 28% over year-ago levels of $2.70 billion, and above the $3.6 billion in revenue analysts were expecting, according to Yahoo! Finance.
But shares of the wireless tech shop dipped 2% to $55.95 in after-hours trading Wednesday as sales slipped 6% below prior quarter levels and guidance was not as robust as expected.
"Qualcomm delivered strong year-over-year results again this quarter as our business performed well across all key guidance metrics," CEO Paul Jacobs said in a press release.
Looking ahead, Qualcomm says it expects fiscal fourth-quarter earnings of about 77.5 cents a share on revenue in the range of $4.01 billion. That is slightly better than analysts' targets, which called for a profit of 76 cents a share on sales of $3.96 billion.
Qualcomm says it shipped 120 million chips in the most recent quarter, up 17% from year-ago levels and up 2% sequentially. Some analysts expected chip shipments of 119 million.
The company says about 172 million CDMA phones were shipped in the March quarter at a average selling price of $212. Qualcomm shipped 136 million phones during the same period a year ago.
The company did not mention
(AAPL - Get Report)
in its press release. Qualcomm is expected to see a big upswing in sales due to recent design wins at Apple,
Research In Motion
Qualcomm typically offers conservative projections and then updates its financial forecast later in the quarter. But for now, the Apple jackpot did not register in the guidance.
--Written by Scott Moritz in New York.
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