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NEW YORK (TheStreet) -- Qualcomm (QCOM) stock is falling 1.22% to $46.95 in after-hours trading on Wednesday after the company set its fiscal 2016 second quarter earnings guidance at 90 cents to $1 per share, below consensus estimates of $1.02 per share.

Revenue for the second quarter is expected to be between $4.9 billion and $5.7 billion. Wall Street is anticipating revenue of $5.69 billion.

After the market close this afternoon, the San Diego-based wireless technology company reported earnings of 97 cents per share for the fiscal 2016 first quarter, beating estimates by 7 cents.

Revenue declined 19% year-over-year to $5.76 billion for the quarter ended December 27, but surpassing estimates of $5.69 billion.

The results were driven by higher than expected 3G and 4G device sales, CEO Steve Mollenkopf said in a statement.

Separately, Qualcomm has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's expanding profit margins, good cash flow, largely solid financial position, deteriorating net income, disappointing stock performance and feeble earnings per share growth.

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