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Higher chip shipments boost Qualcomm 4Q profit
Thursday - 11/7/2013, 7:40pm EST
SAN DIEGO (AP) -- Qualcomm Inc.'s net income increased 18 percent in its fiscal fourth quarter, helped by higher chip shipments.
But the company's earnings still fell short of Wall Street's forecast, as did its outlook for the current period. Shares fell in after-hours trading Wednesday.
Qualcomm reported net income of $1.5 billion, or 86 cents per share, in the three months ended Sept. 29. That compares with net income of $1.27 billion, or 73 cents per share, in the same quarter last year.
Excluding special items such as acquisition-related costs and paying employees in stock, Qualcomm's earnings amounted to $1.05 per share. Analysts' forecast called for adjusted earnings of $1.09 per share, according to FactSet.
Revenue jumped 33 percent to $6.48 billion, topping Wall Street's prediction of $6.35 billion.
Qualcomm, based in San Diego, is facing fiercer competition from other chip-makers vying to grab a bigger piece of the mobile computing market.
The company's MSM chip shipments rose 35 percent to 190 million units in the July-September quarter.
Management said it expects continued strong growth in wireless devices, particularly in China
For its fiscal first quarter, which runs through December, Qualcomm expects adjusted earnings per share of $1.10 to $1.20, and revenue to range from $6.3 billion to $6.9 billion. Analysts had predicted adjusted earnings of $1.29 per share on $7.01 billion in revenue.
For the year through September 2014, Qualcomm forecast adjusted earnings per share of $4.95 to $5.15 on revenue of $26 billion to $27.5 billion. Analysts were looking for adjusted earnings per share of $4.97 on revenue of $27.67 billion
The company expects earnings per share and revenue to grow annually at double-digit compound rates over the next five years.
Shares in Qualcomm ended regular trading up 74 cents at $69.74, up 13 percent in 2013. The stock shed $2.81, or 4 percent, to $66.93 in extended trading. .
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