Qualcomm Shares Lower After Hours as Revenue Misses Estimate
Shares of Qualcomm were lower after hours on Wednesday after the San Diego telecom-technology provider reported that fiscal-third-quarter revenue came up short of analysts’ estimates.
The shares were trading 4.7% lower at $69.74.
For the quarter ended June 30, Qualcomm earned $1.75 a share against 81 cents in the year-earlier quarter. Adjusted earnings were 80 cents a share against $1.
Revenue rose 73% to $9.64 billion from $5.58 billion. The latest adjusted revenue was $4.9 billion.
A survey of analysts by FactSet was looking for adjusted earnings of 76 cents a share on revenue of $5.09 billion.
“Our 5G design wins have doubled over the last three months, leaving us extremely well positioned as 5G ramps in early calendar year 2020,” CEO Steve Mollenkopf said in a statement.
For the fourth quarter, Qualcomm expects to earn 38 cents to 48 cents a share, or an adjusted 65 cents to 75 cents. Revenue should come in between $4.3 billion and $5.1 billion.
FactSet’s survey for the fourth quarter is looking for adjusted earnings of $1.09 on revenue of $5.67 billion.