Qualcomm Inc. shares fell Tuesday after the chip maker topped estimates for the quarter and included settlement with Apple Inc. in its guidance.
QCOM, + 0.28%
shares declined 4.5% after hours, after a 0.2% increase to close the regular session of $ 86.37. Stocks are up 52% per year. For comparison, the PHLX Semiconductor Index
is up 34%, while the S&P 500 index
is up 1
is up 21%.
The company reported a net income of NOK 663 million last year, or 55 cents per share, compared to $ 330 million or 22 cents share, in the period years ago. Adjusted earnings were 77 cents per share. Of the 20 analysts examined by FactSet, Qualcomm was expected to enter an adjusted earnings of 71 cents per share on average.
Revenues fell to $ 4.98 billion from $ 5.22 billion in the quarter. Wall Street expected revenue of $ 4.8 billion from Qualcomm, according to 17 analysts asked by FactSet.
Q3 Qualcomm expects a profit of $ 3.57 to $ 3.77 per share on sales of $ 9.2 billion to $ 10.2 billion. However, it includes the settlement with Apple
AAPL, + 4.91%
expected to contribute $ 3.02 to $ 3.12 a share in earnings and $ 4.5 billion to $ 4.7 billion in revenue. Qualcomm expects adjusted earnings of 70 cents to 80 cents per share on revenues of $ 4.7 billion to $ 5.5 billion in the third quarter.
Analysts asked by FactSet have expected an average earnings of $ 1.29 per share on revenues of $ 5.28 billion.
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