Qualcomm also gave guidance for the coming quarter of $1.15 to $1.25 in earnings per share on $6.1 to $6.7 billion. Thomson Reuters has estimates of $1.26 per share on $6.72 billion in revenue. The mobile chip giant showed 2014 guidance of $5.00 to $5.20 per share on revenues of $26.0 to $27.5 billion for all of 2014. The consensus estimates are $5.08 in earnings per share on $27.06 billion.
Research and development expenses were 17% of revenues at $1.152 billion, up 21% from the prior year in raw dollars and compared to 16% of revenues a year ago as well.
Cash and equivalents rose to $31.6 billion at the end of its first quarter. The company also spent $1 billion buying back 14.2 million shares of stock during the quarter. MSM chip shipments rose 17% year over year and rose 12% sequentially to 213 million units.
Wall Street is taking the guidance as though it is sand-bagged, although the guidance is up slightly for the year from its prior targets. The stock was down 1.2% at $71.12 ahead of earnings at the 4:00 p.m. closing bell, and the after-hours reaction has shares up 2.7% at $73.05 after the report.
Top Gaining Stocks
Top Losing Stocks