Qualcomm Shares Fall on Weaker Outlook
Qualcomm, a supplier of cell phone chips and technology licenses, gave a weaker-than-expected outlook, underscoring a slowdown in mobile phone sales.
Qualcomm shares fell about 2 percent in extended trade on Thursday after it forecast fiscal 2009 revenue of $10.2 billion to $10.8 billion, compared with the average analyst forecast of $12.1 billion according to Reuters Estimates.
Qualcomm forecast first-quarter pro forma earnings per share, before items such as its investment arm, of 46 cents to 50 cents, on revenue of $2.3 billion to $2.5 billion.
Analysts on average had expected first-quarter earnings of 61 cents a share on revenue of $2.9 billion, according to analyst estimates.
For the quarter ended Sept. 28, Qualcomm posted a net profit of $878 million, or 52 cents a share, for the quarter ended Sept. 28, down 22 percent from a year earlier.
Excluding items, Qualcomm said its profit was 63 cents per share compared with analysts' average estimate of 60 cents a share, according to Reuters Estimates.
Fourth-quarter revenue rose 45 percent to $3.3 billion.