Qualcomm Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Qualcomm Inc. (QCOM) revealed a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $1.80 billion, or $1.60 per share. This compares with $3.73 billion, or $3.29 per share, in last year's third quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $2.11 billion or $1.87 per share for the period.

Analysts on average had expected the company to earn $1.81 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 22.8% to $8.45 billion from $10.94 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $1.80 Bln. vs. $3.73 Bln. last year. -EPS (Q3): $1.60 vs. $3.29 last year. -Analyst Estimates: $1.81 -Revenue (Q3): $8.45 Bln vs. $10.94 Bln last year.

-Guidance: Next quarter EPS guidance: $1.80 - $2.00 Next quarter revenue guidance: $8.1 - $8.9 Bln