NEW YORK (TheStreet) -- Shares of QUALCOMM (QCOM) - Get QUALCOMM Incorporated Report are falling in after-hours trading, down 8.02% to $65.30, after the company lowered its guidance for the second quarter and fiscal year.
QUALCOMM now expects non-GAAP diluted earnings per share in the range of $1.28 to $1.40 on revenue between $6.5 billion to $7.1 billion for its second quarter of fiscal 2015.
Additionally, the company guided non-GAAP diluted EPS in a range of $4.75 to $5.05 on a revenue range between $26 billion to $28 billion for the 2015 fiscal year. For the fiscal year 2015 ending in September, analysts were forecasting earnings of $5.21 on revenue of $27.81 billion.
Exclusive Report:Jim Cramer's Best Stocks for 2015
These changes reflect the company's revised expectations related to "OEM mix, sales to a large customer and heightened competition in China," the company said.
QUALCOMM reported 2015 fiscal first quarter non-GAAP earnings of $1.34 on revenue of $7.1 billion. Analysts were expecting earnings of $1.25 a share on revenue of $6.94 billion.