NEW YORK (TheStreet) -- Shares of QUALCOMM Inc. (QCOM) are down -3.47% to $78.77 in after-hours trading today after the mobile chipmaker reported higher third quarter results, but its revenue outlook for the September quarter fell Wall Street's expectations, Reuters reports.
Qualcomm posted third quarter revenue of $6.81 billion, up 9% from the year ago quarter.
Analysts on average expected thirdquarter revenue of $6.52 billion, according to Thomson Reuters I/B/E/S.
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Qualcomm's net income was $2.24 billion, a 42% increase. GAAP diluted earnings per share were $1.31. Its non-GAAP earnings per share were $1.44, well above the midpoint of its previous forecast of between $1.15 and $1.25, Reuters noted.
The company said revenue in the fiscal fourth quarter would be between $6.5 billion and $7.4 billion, with a midpoint of about $6.95 billion. Analysts on average expected fourth quarter revenue of $7.15 billion.
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, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."