Qualcomm Slides on Outlook Despite Soaring Revenue
Qualcomm Inc.’s fiscal second-quarter profit soared as the chip maker saw adoption of its cellphone technologies continue to drive higher revenue.
But shares sank 6.3 percent to $62.80 after hours, then recovered about half that, as third-quarter earnings guidance came in below expectations. Through the close, the stock was up 22 percent so far in 2012 and it has been on an upward trend for much of the last two years.
The San Diego semiconductor company raised its full-year earnings guidance, now forecasting $3.61 to $3.76 a share. In February, Qualcomm boosted its income guidance to $3.55 to $3.75. It reaffirmed its revenue guidance.