Qualcomm: Fiscal 2Q Earnings Snapshot
SAN DIEGO (AP) _ Qualcomm Inc. (QCOM) on Wednesday reported fiscal second-quarter net income of $468 million.
The San Diego-based company said it had net income of 41 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 88 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The chipmaker posted revenue of $5.22 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $5.09 billion.
Qualcomm shares have declined 11% since the beginning of the year, while the Standard & Poor’s 500 index has decreased 9%. In the final minutes of trading on Wednesday, shares hit $78.31, a drop of 10% in the last 12 months.