Qualcomm just missed Wall Street expectations with its latest earnings report, forcing the Snapdragon maker to slightly cut its outlook for the fourth fiscal quarter.
The mobile chip maker reported a third fiscal quarter net income of $1.21 billion, or 69 cents a share (statement). Non-GAAP earnings were 85 cents a share on a revenue of $4.63 billion.
Wall Street was expecting Qualcomm to report fiscal third earnings of 86 cents a share on revenue of $4.67 billion. Qualcomm said in its second quarter that it was having trouble meeting meeting demand.
Qualcomm chairman and CEO Paul Jacobs in prepared remarks that 3G and 4G adoption worldwide drove stronger year-over-year growth for the manufacturer's chipset and licensing businesses in Q3.
Looking forward, our growth estimates for 3G/4G device shipments in calendar 2012 have moderated slightly, and we now expect the demand profile of the calendar year to be more back-end loaded as new devices are launched for the holiday season. Although our outlook for semiconductor volumes in the fiscal fourth quarter has been reduced from our prior expectations, we are ramping supply of our 28 nanometer chipsets to help enable what we expect to be a strong December quarter for our semiconductor business.
In a nutshell, Qualcomm is getting a handle on its supply cha... [Read more]
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