Qualcomm Earnings Fall Far Short of Forecasts
Qualcomm said its fiscal first-quarter profits plunged 56 percent, falling short of analyst expectations as investment losses took a toll on its bottom line.
The company said Wednesday it earned $341 million, or 20 cents per share, during the three-month period ended Dec. 28. That compares with a profit of $767 million, or 46 cents per share, during the same period of 2007.
The latest period includes per-share charges of 5 cents for San Diego-based Qualcomm's strategic investment unit and 6 cents for share based compensation.
Excluding those charges, Qualcomm earned 31 cents a share, well below an estimate of 47 cents a share among analysts polled by Thomson Reuters.
Revenue rose 3.2 percent to $2.52 billion from $2.44 billion, above Wall Street's projection of $2.42 billion.
Analysts who follow Qualcomm expected the firm to post a profit of 47 cents a share, according to Thomson Reuters.
Qualcomm shares tumbled about 6 percent in extended trading. The stock finished the regular Nasdaq session Wednesday at $36.82, an increase of $3.34 percent.
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- AP contributed to this report.