Qualcomm Earnings Down 60% From Year-Ago Level

The wireless provider blames anemic communications spending.

Author:: Diane Hess
Publish date:: Apr 24, 2002 11:05 AM EDT

Wireless provider

Qualcomm

reported second-quarter earnings 60% below year-ago levels as a result of anemic communications spending.

Qualcomm reported net income of $43.9 million, or 5 cents a share, in the second quarter, compared to net income of $109.7 million, or 14 cents a share, in the year-ago period.

On a pro forma basis, Qualcomm said net income was $160.8 million, or 20 cents a share, vs. $209.9 million, or 26 cents a share, in the year-ago period. Analysts were expecting earnings of 21 cents a share. The results exclude amortization of goodwill and acquisition-related intangible assets, among other items.

Qualcomm said revenue fell 3% to $696 million, compared to $717 million in the year-ago period, using generally accepted accounting principles (GAAP). On a pro forma basis, sales declined 8% to $659 million in the second quarter from $717 million in the same period a year ago.

In recent trading, shares of Qualcomm were up 30 cents, or 0.93%, at $32.55.