Qualcomm Posts Mixed Q1 Earnings Amid Legal Actions From Apple, Regulators

From StockNews.com: Qualcomm, Inc. (NASDAQ:QCOM) late Wednesday posted mixed first quarter earnings and offered a second quarter forecast that was in-line with expectations.

The San Diego-based wireless chipmaker reported Q1 EPS of $1.19, which was $0.01 better than the Wall Street consensus estimate of $1.18. Revenues rose 3.9% from last year to $6 billion, falling short of analysts’ $6.12 billion view.

Looking ahead, QCOM forecast Q2 earnings and revenue in-line with analyst estimates. It projected EPS ranging from $1.15 to $1.25, versus Wall Street’s view of $1.19, and Q2 revenues of $5.5 to $6.3 billion, which straddles the consensus estimate of $5.93 billion.

Qualcomm also sees MSM Chip shipments of 165 million to 185 million for the current period, which would be a decrease of 2% to 13%, along with total reported device sales of approximately $74.0 billion to $82.0 billion (an increase of 6% to 17%).

The company commented via press release:

“The recent legal and governmental actions against Qualcomm are at their core driven by commercial disputes. As we have done in the past, we will vigorously defend our business model and the value of a portfolio of technologies that has been so instrumental to the success of the mobile communications industry.”

Qualcomm, Inc. shares fell $0.80 (-1.41%) to $56.10 in after-hours trading Wednesday. Prior to today’s report, QCOM had declined -12.73% year-to-date, versus a +2.69% rise in the benchmark S&P 500 index during the same period.

QCOM currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #78 of 99 stocks in the Semiconductor & Wireless Chip category.

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