22.07.2015 22:22:28
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Qualcomm Profit Tops Estimates; To Cut Jobs As Part Of Strategic Realignment
(RTTNews) - Qualcomm Inc (QCOM) on Wednesday reported second-quarter net earnings of $1.18 billion or $0.73 per share compared with $2.24 billion or $1.31 per share last year.
Excluding items, adjusted earnings for the quarter were $0.99 per share compared with $1.44 per share a year ago.
Revenues for the quarter were down 14% at $5.83 billion compared with $6.81 billion in the prior year.
Analysts polled by Thomson Reuters estimated earnings of $0.95 per share on revenues of $5.85 billion for the quarter. Analysts' estimates typically exclude special items.
For the fourth quarter, the company expects adjusted earnings of $0.75 to $0.95 per share on revenues of $4.7 billion to $5.7 billion. Analysts expect earnings of $1.08 per share on revenues of $6.13 billion.
For the full year 2015, the company now expects adjusted earnings of $4.50 to $4.70 per share on revenues of $24.5 billion to $25.5 billion. Earlier it expected earnings of $4.60 to $5.00 per share on revenues of $25 billion to $27 billion.
Analysts expect earnings of $4.79 per share on revenues of $25.95 billion for the year.
Separately, Qualcomm said it has initiated a strategic realignment plan to enhance financial performance and drive growth.
As part of this, among other actions, the company is implementing a cost reduction plan to reduce annual costs from fiscal 2015 levels of $7.3 billion by about $1.1 billion through a series of targeted reductions, which it says will not harm its growth objectives or core technology roadmap.
These cost initiatives include reductions in headcount and temporary workforce, streamlining the engineering organization, reducing the number of offices and increasing the mix of resources in lower-cost regions.
Qualcomm also plans to reduce annual share-based compensation grants by about $300 million.
The company expects these cost initiatives to be fully implemented by the end of fiscal 2016.
Qualcomm expects to incur approximately $350 million to $450 million in restructuring and restructuring-related charges, of which about $100 million to $200 million is included in its fourth quarter fiscal 2015 GAAP EPS guidance.
The company also announced that it has entered into an agreement with JANA Partners pursuant to which Mark McLaughlin and Tony Vinciquerra have been added to the board and a third director to be selected by the company and consented to by JANA will be added promptly.
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