NEW YORK (TheStreet) -- Qualcomm (QCOM) - Get Report 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.
You can view the full analysis from the report here: QCOM
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