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QUALCOMM Inc QCOM shares are trading lower in Wednesday’s after-hours session after the company reported financial results and issued guidance below analyst estimates.
Qualcomm said fiscal fourth-quarter revenue increased 22% year-over-year to $11.39 billion, which beat average analyst estimates of $11.37 billion, according to Benzinga Pro.
The company reported quarterly earnings of $3.13 per share, which was in line with average estimates.
“We are pleased to report another strong year, despite the macroeconomic challenges, as we continue to execute our strategy of transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge,” said Cristiano Amon, president and CEO of Qualcomm.
“While our financial outlook is being temporarily impacted by elevated channel inventory, our diversification strategy and long-term opportunities remain unchanged.”
Qualcomm expects fiscal first-quarter revenue to be between $9.2 billion and $10 billion versus average estimates of $12.02 billion. The company expects first-quarter adjusted earnings to be between $2.25 and $2.45 per share versus average estimates of $3.42 per share.
QCOM Price Action: Qualcomm has a 52-week high of $193.58 and a 52-week low of $104.66.
The stock was down 6.7% in after-hours at $105 at publication time.
Photo: courtesy of Qualcomm.
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Image and article originally from www.benzinga.com. Read the original article here.