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SAN DIEGO (AP) — SAN DIEGO (AP) — Qualcomm Inc. (QCOM) on Wednesday reported fiscal second-quarter profit of $1.7 billion.
The San Diego-based company said it had net income of $1.52 per share. Earnings, adjusted for one-time gains and costs, were $2.15 per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.16 per share.
The chipmaker posted revenue of $9.28 billion in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $9.08 billion.
For the current quarter ending in June, Qualcomm expects its per-share earnings to range from $1.70 to $1.90. Analysts surveyed by Zacks had forecast adjusted earnings per share of $3.18.
The company said it expects revenue in the range of $8.1 billion to $8.9 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $11.85 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a QCOM">Zacks stock report on QCOM at https://www.zacks.com/ap/QCOM