Updated from 4:39 p.m. EST to provide comments from the conference call in the fourth paragraph.
Qualcomm, which makes chips for the iPhone, iPad and other mobile devices, reported third-quarter earnings of 85 cents per share on $4.63 billion in revenue. Analysts polled by Thomson Reuters expected the San Diego-based chip maker to generate a profit of 86 cents per share on $4.68 billion in revenue.
CEO Dr. Paul Jacobs was positive on the quarter, as 3G and 4G technologies continue to expand across the globe, but noted growth has moderated slightly."Looking forward, our growth estimates for 3G/4G device shipments in calendar 2012 have moderated slightly, and we now expect the demand profile of the calendar year to be more back-end loaded as new devices are launched for the holiday season," Jacobs said in a statement. "Although our outlook for semiconductor volumes in the fiscal fourth quarter has been reduced from our prior expectations, we are ramping supply of our 28 nanometer chipsets to help enable what we expect to be a strong December quarter for our semiconductor business." On the conference call, Qualcomm said it expects a slew of new high-tier smartphones in time for the holidays. Its improved position with its 28 nanometer supplies will help meet the "significant demand" that is being pushed into the December quarter, the company said. A significant portion of the 28 nanometer supplies is the company's Snapdragon portfolio, which is a big percentage of the company's shipments, in the high-20% range, Qualcomm said on the call. Qualcomm's fourth-quarter guidance was for non-GAAP earnings of 78 to 84 cents per share on revenue of $4.45 billion to $4.85 billion. Wall Street's current consensus view is for a profit of 89 cents a share in the September-ended period on revenue of $4.89 billion. Qualcomm now expects between 875 million and 935 million 3G/4G devices will ship, up 14% year-over-year. The company ended the quarter with $26.5 billion in cash and marketable securities, up from $20.2 billion in the year ago quarter. Shares of Qualcomm finished the regular session higher, gaining 2.92% to $56.05. After running as low as $52.50 shortly after the closing bell, the stock was last quoted at $59.59, up 6.32%, on extended volume of nearly 4 million, according to Nasdaq.com. 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 >Contact by Email. Follow @Commodity_Bull
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 + 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