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SAN DIEGO (AP) – Qualcomm Inc. (QCOM) announced Wednesday a loss of $ 493 million in the fourth quarter, after posting a profit for the same period last year.
Per share, the San Diego-based company announced a loss of 35 cents. Earnings, adjusted for non-recurring costs and stock option expenses, amount to 90 cents per share.
The results have exceeded Wall Street's expectations. The average estimate of eight analysts surveyed by Zacks Investment Research indicated earnings per share of 83 cents.
The chip maker achieved a turnover of $ 5.8 billion during the period, which is also higher than Street's forecast. Five analysts surveyed by Zacks expected $ 5.53 billion.
For the year, the company recorded a loss of $ 4.86 billion, or $ 3.32 per share, which turns into a loss of the period. Revenues were reported at $ 22.73 billion.
For the quarter ending in January, Qualcomm expects earnings per share to be in the range of $ 1.05 to $ 1.15.
The company said it expects revenues of between $ 4.5 billion and $ 5.3 billion for the first quarter of the fiscal year. Analysts surveyed by Zacks were counting on a $ 5.28 billion business figure.
Qualcomm's shares have declined slightly by more than 1% since the beginning of the year, while the Standard & Poor's 500 index has climbed 5%. In the last trading minutes of Wednesday, stocks reached $ 63.21, a drop of just over 1% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a report on Zacks shares on QCOM at https://www.zacks.com/ap/QCOM.
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