For the 2014 full year, it reported $5.27 in earnings per share and $26.49 billion in revenue, versus consensus estimates of $5.32 in earnings per share and $26.80 billion in revenue.
The company gave guidance for the 2015 fiscal year as $5.05 to $5.35 in earnings per share and revenues of $26.8 billion to $28.8 billion. The consensus estimates are $5.58 in earnings per share and $28.91 in revenues.
Net income for the fourth quarter was $2.14 billion, up 18% from the previous year. For the 2014 fiscal year, net income was recorded as $9.03 billion, or up 14% from 2013.
For the fourth quarter, Qualcomm had 236 million in MSM chip shipments, up 24% from the previous year. The company reported total device sales of approximately $57.4 billion, which fell 5% year over year.
On the year, there were 861 million units of MSM chips shipped, which was up 20% year over year. The total reported device sales were $243.6 billion, up 5 % from the previous year.
Steve Mollenkopf, CEO of Qualcomm, said:
We are forecasting continued growth of global 3G/4G device shipments in calendar year 2015, particularly in emerging regions. Our fiscal 2015 outlook reflects continued LTE leadership in our semiconductor business and is tempered by the issues we are facing in China related to our licensing business. Through this time, we remain focused on building our technology leadership in smartphones, while pursuing opportunities to extend our solutions into adjacent areas.
Recent analyst calls within the past 30 days for Qualcomm:
- RBC Capital reiterated an Outperform rating with a price target of $85.
- Canaccord Genuity had a Buy rating and raised its price target to $95 from $90.
- Nomura reiterated a Buy rating and raised its price target to $90 from $85.
Shares of Qualcomm closed Wednesday barely up 0.1% at $77.20. Following the release of the earnings report, the initial response in the post market was negative and shares were down more than 4% at $73.82.
The consensus analyst price target is $84.28, and the 52-week trading range is $66.25 to $81.97. The company has a market cap near $129 billion.
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