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Qualcomm fiscal 4Q profit slips 9 percent

Qualcomm fiscal 4th-quarter profit slips 9 percent, full-year earnings plunge 50 percent

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On Wednesday November 4, 2009, 6:43 pm EST

SAN DIEGO (AP) -- Qualcomm Inc. says its fiscal fourth-quarter profit slipped 9 percent as revenue from the mobile phone technology it licenses and mobile-phone chips it makes declined.

Qualcomm, based in San Diego, said Wednesday earnings for the three months ended Sept. 27 fell to $803 million, or 48 cents per share, from $878 million, or 52 cents per share, in the same period last year.

That fell short of expectations. Analysts surveyed by Thomson Reuters forecast a profit of 52 cents per share.

Revenue declined 19 percent to $2.7 billion from $3.3 billion in the year-ago quarter, matching analysts' estimates.

For the full fiscal year, Qualcomm's profit plunged 50 percent to $1.6 billion, or 95 cents per share, from $3.2 billion, or $1.90 per share in 2008.

Revenue slipped 7 percent to $10.4 billion from $11.1 billion last year, but still matched analysts' expectations.

For the current first quarter, the company forecast an adjusted profit of 54 cents to 58 cents per share on $2.6 billion to $2.8 billion in revenue. Analysts are looking for first-quarter earnings of 56 cents per share on revenue of $2.8 billion.

Qualcomm predicted full-year earnings of $2.10 to $2.30 per share on revenue of $10.5 billion to $11.3 billion. The Street expects a higher profit of $2.32 on $10.4 billion in revenue.

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