Qualcomm (QCOM) - Get Report shares dipped Wednesday after the company posted weaker-than-expected sales growth.

For its fiscal fourth quarter ended Sept. 26, the San Diego wireless tech shop earned $393 million, or 23 cents a share. That's up from the year-ago $291 million, or 18 cents a share. Revenue rose to $1.12 billion from $871 million a year earlier.

Excluding one-time accounting changes, Qualcomm made 29 cents a share in the latest period, on adjusted sales of $1.4 billion. That compares to an adjusted profit of 14 cents on $841 million in revenue in the year-ago period.

While the profit was in line with expectations, the 57% year-over-year sales growth was below the 61% the company had promised.

The results reflect the fact that Qualcomm has changed its royalty revenue bookkeeping practices. As of the just-ended fourth quarter, the company stopped projecting royalty proceeds. Instead, Qualcomm will now record actual license sales as they are received.

On a GAAP basis, revenue was $4.9 billion in fiscal 2004, up 27% compared to fiscal 2003. Fiscal 2004 earnings were $1.7 billion and diluted earnings per share were $1.03, up 108% and 102%, respectively, compared to fiscal 2003.

Looking ahead, Qualcomm's projected sales growth in fiscal 2005 is slightly higher than analysts expected. The company plans to book GAAP diluted earnings of about $1.14 on revenue in a range between $5.8 billion and $6.3 billion. The Street was looking for sales of $5.9 billion.

Late Wednesday, Qualcomm fell $1.18 to $38.69.