Ian Pike 9:20 a.m., May 21
Qualcomm Lowers Forecast; Stock Plunges 9%
Stock of San Diego telecom superstar Qualcomm is down 8.98% in after-hours trading this afternoon (Jan. 27). After today's market close, the company lowered its estimates for the year. Earlier, it had expected sales of $10.5 billion to $11.3 billion for the fiscal year that ends in September. Now it expects $10.4 billion to $11 billion. It still expects earnings per share to be between $1.56 per share and $1.75 per share. For the current quarter, Qualcomm forecasts earnings of 49 cents to 53 cents a share on sales of $2.4 billion to $2.6 billion. Wall Street analysts were expecting earnings of 57 cents a share on sales of $2.75 billion.