Qualcomm Disappoints Wall Street in Third Quarter
San Diego wireless tech whiz Qualcomm came in with blah results in its fiscal third quarter, announced today (July 22). Sales were $2.75 billion compared with $2.76 billion a year earlier. Earnings per share, excluding one-time items, were 54 cents, compared with 55 cents a year ago. They were 2 cents better than analysts had predicted. The company said fourth quarter sales will be $2.65 billion, down 18% from a year ago. The company, which sells chips to mobile phone makers such as Nokia, said that the chipset business looks good. It is raising its forecast for the fourth quarter. The stock is down 3.57% in after-hours trading.