Qualcomm (QCOM) Stock Falls After Earnings Report

NEW YORK (TheStreet) -- Qualcomm (QCOM) was falling 3.5% to $77.92 after missing analysts' estimates for revenue in the fiscal second quarter.

The chipmaker posted earnings of $1.31 a share for the second quarter, beating analysts' estimates of $1.22 a share by 9 cents. Revenue grew 4% from the year-ago quarter to $6.37 billion, but fell short of the $6.48 billion consensus among analysts surveyed by Thomson Reuters.

Qualcomm shipped 188 million MS chips in the quarter, an increase of 9% from the year-ago quarter and in-line with the company's guidance of between 180 million and 195 million. Devices sales grew 9% to a total of about $66.5 billion in the quarter.

Looking to the fiscal third quarter Qualcomm expects revenue of between $6.2 billion and $6.8 billion, and earnings of between $1.15 and $1.25 a share, while analysts expect $6.59 billion in revenue and earnings of $1.25 a share. The company expects to ship between 198 million and 213 million MSM chips in the quarter.

For the full year Qualcomm expects revenue of $26 billion to $27.5 billion and $5.05 to $5.25 a share in earnings. Analysts expect revenue of $26.8 billion in revenue and earnings of $5.13 a share for the year.

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TheStreet Ratings team rates QUALCOMM INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

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