SAN DIEGO — Qualcomm on Wednesday posted fiscal fourth-quarter that topped Wall Street expectations but its stock slipped in after-market trading on a soft outlook for profit in the current quarter.
The San Diego-based chipmaker reported fiscal fourth-quarter earnings of $1.06 billion, or 67 cents a share. Earnings, adjusted for stock option expense and non-recurring costs, were 91 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
The chipmaker posted revenue of $5.46 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $5.21 billion.
For the year, the company reported profit of $5.27 billion, or $3.22 per share. Revenue was reported as $25.28 billion.
For the current quarter ending in January, Qualcomm Inc. expects its per-share earnings to range from 80 cents to 90 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.10.
The company said it expects revenue in the range of $5.2 billion to $6 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $5.79 billion.
Qualcomm shares fell $3.21, or 5.3 percent, to $57.05 in extended trading following the earnings report. Through the close of regular-session trading Wednesday, they have decreased 19 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QCOM at http://www.zacks.com/ap/QCOM
Keywords: Qualcomm, Earnings Report