Mobile chipmaker QUALCOMM, Inc. (QCOM) late Wednesday posted a sharp uptick in fiscal third quarter earnings, but lowered its full-year outlook on supply concerns.
The San Diego-based company reported third quarter net income of $1.21 billion, or 69 cents per share, compared with $1.04 billion, or 61 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 85 cents per share.
Revenue rose 28% to $4.63 billion.
On average, Wall Street analysts expected a slightly higher profit of 86 cents per share, on larger revenue of $4.68 billion.
Looking ahead, QCOM said it now expects full-year earnings to range from $3.61 to $3.67 per share, down from a prior outlook of $3.61 to $3.76.
QUALCOMM shares rose $1.30, or +2.3%, in aftermarket trading Wednesday.
The Bottom Line
Shares of Qualcomm (QCOM) have a 1.78% dividend yield, based on today’s closing stock price of $56.05. The stock has technical support in the $52-$55 price area. If the shares can firm up, we see overhead resistance around the $59-$61 price levels.
QUALCOMM, Inc. (QCOM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.