Qualcomm Guides Q2 Profit Below Estimates - Quick Facts

(RTTNews) - Qualcomm Inc. (QCOM) announced, for its second-quarter, the company expects: GAAP earnings per share to be in the range of $0.69 - $0.79; non-GAAP earnings per share of $0.90 - $1.00; and revenues of $4.9 - $5.7 billion. Analysts expect the company to report earnings per share of $1.02 on revenue of $5.69 billion.

Steve Mollenkopf, CEO of Qualcomm Incorporated. "We signed several new license agreements in China and are on track with our cost reduction initiatives. Design traction for our new Snapdragon 820 processor continues to be strong, and we expect improving trends in our chipset business in the second half of fiscal 2016."

Qualcomm said it has delivered a stronger than expected first-quarter with earnings per share above the high end of its initial estimates, driven by better than expected 3G/4G reported device sales and benefits realized from cost actions across the company.

Qualcomm said it is on track to achieve $1.4 billion spending reductions. The company is now on track to realize at least $700 million in savings in fiscal 2016, an increase of $100 million from previous estimate.