Qualcomm Meets Estimates - TheStreet

Qualcomm Meets Estimates

Lower profit is trumped by news of a legal settlement.
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Third-quarter profit fell at Qualcomm (QCOM) - Get Report, but the company met Wall Street's expectations.

The San Diego chipmaker said late Wednesday that net income fell 6% to $748 million, or 45 cents a share, from $798 million , or 47 cents a share, a year earlier.

Excluding various items, the company earned 55 cents a share, in line with analysts' expectations.

Revenue grew 19% year over year to $2.76 billion, slightly ahead of the Street's average forecast of $2.71 billion.

Qualcomm said free cash flow fell 14% to $844 million.

Earlier Wednesday, the company said it

agreed to a legal settlement with

Nokia

(NOK) - Get Report

regarding the companies' patent license dispute. Qualcomm's shares jumped more than 15% in after-hours trading to $51.75 on the news.

This article was written by a staff member of TheStreet.com.