Qualcomm Reports Profit Drop, Gives Disappointing Forecast. Stock Hit
San Diego telecom company Qualcomm reported today (Nov. 6) that earnings per share for the quarter ended Sept. 28 were 52 cents, down 22 percent from a year earlier. The company forecast 2009 revenue of $10.2 billion to $10.8 billion. Wall Street had been expecting $12.1 billion. Qualcomm forecast first quarter earnings per share of 46 cents to 50 cents on revenue of $2.3 billion to $2.5 billion. Analysts expected earnings of 61 cents a share on revenues of $2.9 billion. The stock dropped 6 percent to $33.05 and in after-hour trading continued falling to $32.39. On Sept. 19, the stock closed at $48.72. On Oct. 3, Qualcomm stock was at $40.50.