Qualcomm Dips on Dim Outlook

Qualcomm (QCOM Quote) beat targets but pegged guidance below Wall Street estimates.

The San Diego wireless tech shop posted a fiscal fourth quarter pro forma profit of 54 cents a share, up from 42 cents in the year-ago quarter. For fiscal 2007, Qualcomm recorded adjusted earnings of $2.01 a share, up 22% over the $1.64 profit last year.

Analysts were looking for quarterly pro forma earnings of 53 cents a share and a fiscal profit of $2, according to Yahoo Finance.

Sales for the quarter were $2.31 billion, which is down slightly from the prior quarter, but up 15% from the year-ago level. For the year, sales hit $8.87 billion, an 18% increase over last year. ...