Qualcomm Inc. shares declined further in Wednesday’s extended session as the chip maker’s forecast was on the low side of Wall Street estimates following an earnings beat. Qualcomm
shares fell 2% after hours, following a 2.1% decline to close at $129.27 in the regular session. Analysts surveyed by FactSet forecast third-quarter earnings of $1.81 a share on revenue of $8.51 billion.
The company forecast fourth-quarter earnings of $1.80 to $2 a share on revenue of $8.1 billion to $8.9 billion, while the Street estimated $1.92 a share for the fourth quarter along with revenue of $8.74 billion. The company reported fiscal third-quarter net income of $1.8 billion, or $1.60 a share, compared with $3.73 billion, or $3.29 a share, in the year-ago period. The chip maker reported adjusted earnings, which exclude stock-based compensation expenses and other items, of $1.87 a share, compared with $2.96 a share in the year-ago period. Total revenue for the third quarter fell to $8.45 billion from $10.94 billion in the year-ago period. Analysts surveyed by FactSet had forecast third-quarter earnings of $1.81 a share on revenue of $8.51 billion. Year to date, Qualcomm shares are up 17.6%, compared with a 22% gain by the PHLX Semiconductor Index
a 17.6% gain by the S&P 500 index
and a 46.8% gain by the tech-heavy Nasdaq Composite Index