Qualcomm Issues Q3 Outlook After Strong Q2 Results; Shares Down In After-Hrs

(RTTNews) - Qualcomm Inc. (QCOM) revealed third-quarter earnings outlook after reporting higher second-quarter profit and revenues. Shares of the semiconductor major were down 6 percent on Wednesday's after-hours trading.

For the third quarter, the company expects adjusted earnings per share in the range of $2.60-$2.80. On a reported basis, earnings per share are expected between $2.14 and $2.34.

Quarterly revenues are projected between $9.9 billion and $10.7 billion.

Analysts, on average, expect the company to report earnings of $2.69 per share on revenues of $10.35 billion. Analysts' estimates typically exclude special items.

In its second quarter, the company reported earnings of $2.81 billion, or $2.52 per share, higher than last quarter's $2.33 billion, or $2.06 per share.

Excluding items, Qualcomm posted earnings of $3.17 billion or $2.85 per share for the period.

Analysts on average had expected the company to earn $2.82 per share.

The company's revenue for the period rose 16.9 percent to $10.979 billion from $9.389 billion a year ago.

On the NYSE, the stock was down 5.69 percent on Wednesday's after-hrs at $140.02. QCOM closed Wednesday's regular trade at $148.46, up 1.08 percent.