Qualcomm Guides Lower

It sees profits for the March quarter below analysts' views.
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Qualcomm

(QCOM) - Get Report

sees earnings for the March quarter falling below Wall Street's current expectation.

At the wireless tech shop's analyst day in New York, Chief Financial Officer Bill Keitel said that earnings for the fiscal second quarter will likely be near the low end of the company's guided range for the current fiscal first quarter.

Last week, Qualcomm forecast earnings of 50 cents to 52 cents a share for the first quarter ending in December -- which suggests it anticipates second-quarter EPS at around 50 cents.

Analysts are currently expecting earnings of 53 cents a share for the fiscal second quarter.

Keitel attributed the earnings dropoff to an increase in shipments to developing markets, which have cheaper phones, and to new pricing.

The company also said it expects earnings of $2.04 a share for fiscal 2008, taking into account 2 cents in dilution from its

purchase of mobile banking firm Firethorn. Analysts see a fiscal-year profit of $2.11 a share.

Shares of Qualcomm, which were slammed last week on its lackluster first-quarter guidance, recently were up $2.03, or 5.2%, to $41.19.