Qualcomm Stock Rises 4 Percent After Earnings ReportFriday, July 20, 2012
Shares of Qualcomm Inc., traded under QCOM on Nasdaq, were up more than 4 percent to $58.54 on July 19, following the company’s release of its third quarter results which included both higher revenue and net profit than a year earlier.
For the quarter ended June 24, Qualcomm reported revenue of $4.63 billion, up 28 percent from the like quarter of 2011.
Net income was $1.21 billion, up 17 percent year over year.
For the nine months, Qualcomm reported revenue of $14.2 billion, up 31 percent from the like period of 2011. Net income for the period was $4.8 billion, up 51 percent from the prior year’s nine months.
The stellar financials were dampened somewhat by a forecasted slower fourth quarter due to issues with getting various chip components from outside suppliers.
Qualcomm said it expects to generate fourth quarter revenue in a range of $4.45 billion to $4.85 billion, and operating earnings per share of 78 to 84 cents.
For the full fiscal year that ends in September, Qualcomm said it anticipates total revenue to finish in a range of $18.7 billion to $19.1 billion. Its previous guidance for annual revenue was a high of $19.7 billion. In 2011, Qualcomm did nearly $15 billion in revenue.
Operating per share earnings were forecast in a range of $3.61 to $3.67, down from a previous forecasted range of $3.61 to $3.76.
Qualcomm continues to amass a significant cash trove, reporting holding cash and marketable securities of $26.5 billion, up from $20.2 billion for the like quarter of 2011.