SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal third-quarter profit of $2 billion.
On a per-share basis, the San Diego-based company said it had net income of $1.87. Earnings, adjusted for one-time gains and costs, came to $2.21 per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.22 per share.
The chipmaker posted revenue of $9.95 billion in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $9.71 billion.
For the current quarter ending in September, Qualcomm expects its per-share earnings to range from $2.05 to $2.25.
The company said it expects revenue in the range of $9.7 billion to $10.5 billion for the fiscal fourth quarter.
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