NEW YORK (TheStreet) -- Shares of Qualcomm (QCOM) were falling 4.5% to $73.71 after-hours Wednesday after the chipmaker missed analysts' estimates for earnings and revenue in the fiscal fourth quarter.
Qualcomm reported earnings of $1.26 a share for the fourth quarter, below the $1.31 a share analysts surveyed by FactSet expected for the quarter. Revenue grew 3% year over year to $6.69 billion for the quarter, missing analysts' estimates of $7.02 billion.
The company said it expects earnings of $1.18 to $1.30 a share and revenue of $6.6 billion to $7.2 billion for the fiscal first quarter. Analysts surveyed by Thomson Reuters expect earnings of $1.43 a share and revenue of $7.39 billion for the first quarter.
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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:
"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, increase in stock price during the past year and growth in earnings per share. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."