The chipmaker missed expectations as it wrestles with a smartphone market that is losing steam and shifting to China, Reuters reports.
Second quarter revenue was $6.37 billion, up 4% from the year-ago period.
Analysts on average had expected second quarter revenue of $6.479 billion, according to Thomson Reuters I/B/E/S.
Net income was $1.96 billion, up 5%. GAAP diluted earnings per share were $1.14.
Its non-GAAP earnings per share were $1.31, above its previous forecast of between $1.15 and $1.25.
Analysts on average expected $1.22, Reuters said.
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:
"We rate QUALCOMM INC (QCOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."