San Diego’s Qualcomm saw its Q4 profit sink 22%; the company’s estimates for 2009 don’t look too rosy either.

Qualcomm’s net income was $878 million in the quarter ending Sept. 28, down from $1.13 billion during the same period last year. Losses on financial investments accounted for much of the decline.

Revenue for the period was $3.33 billion, up from $2.31 billion. Revenue was aided by $560 million from Nokia for settling a license agreement.

Qualcomm predicted a “challenging global environment” and estimated Q1 revenue as $2.3 billion to $2.5 billion, compared to Wall Street estimates of $2.91 billion