Qualcomm CEO Paul Jacobs is pleased with the company’s second fiscal quarter financials and the company is raising its earnings guidance for the entire fiscal year, but shares fell anyway in after-hours trading.
Shares were down more than 8 percent, at $39.08, at one point, blamed mostly on a lower-than-expected forecast for the third fiscal quarter.
For the second quarter, Qualcomm posted a net income of $774 million compared with a net loss of $289 million in the prior year’s quarter and net income of $841 million in the prior quarter. Revenues totaled $2.66 billion compared with $2.46 billion in the year-ago quarter and $2.67 billion in the prior quarter.
The company said it expects revenue to be in the range of $2.5 billion to $2.7 billion in the third quarter and adjusted earnings per share in the range of 51 cents to 55 cents; analysts were estimating earnings per share at the high end, or 55 cents a share for the third fiscal quarter.
Still, during a call with analysts, Jacobs said he’s excited about growth in 3G overall and he’s particularly encouraged by the 3G auction process under way in India. “Our business is executing well and we are pleased to be raising our earnings guidance for the fiscal year,” he said in a statement.
Filed Under: Infrastructure