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Shares of Qualcomm Inc. fell on Tuesday after the chip maker outpaced the forecast for the quarter and included the settlement with Apple Inc. in its forecast.
Qualcomm
QCOM, + 0.28%
The shares fell 4.5% after normal hours, following a 0.2% increase to close the regular session at $ 86.37. Shares are up 52% year-on-year. In comparison, the PHLX Semiconductor Index
SOX, -0.82%
is up 34%, while the S & P 500 index
SPX, -0.75%
is up 17%, and the Nasdaq Composite Index, very technology driven,
COMP -0.57%
is up 21%.
The company reported second-quarter net income of $ 663 million, or 55 cents per share, compared with $ 330 million, or 22 cents per share, for the same period last year. Adjusted earnings were 77 cents per share. Of the 20 analysts surveyed by FactSet, Qualcomm is expected to average an adjusted profit of 71 cents per share.
Revenues declined to $ 4.98 billion from $ 5.22 billion in the same quarter of the previous year. Qualcomm is expected to generate a $ 4.8 billion business figure on Wall Street, according to 17 analysts surveyed by FactSet.
For the third quarter, Qualcomm expects earnings per share of $ 3.57 to $ 3.77 on a revenue of $ 9.2 billion to $ 10.2 billion. This however includes the settlement with Apple
AAPL, + 4.91%
, which is expected to yield between $ 3.02 and $ 3.12 in profits and revenues of $ 4.5 to $ 4.7 billion. Qualcomm expects adjusted earnings of between 70 and 80 cents per share for a business turnover of 4.7 to 5.5 billion dollars in the third quarter.
Analysts surveyed by FactSet expect an average profit of $ 1.29 per share for a $ 5.28 billion business figure.
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