Qualcomm (QCOM): Everything That Can Go Wrong, Does Go Wrong

Thomson Reuters estimates for CDMA giant Qualcomm (QCOM) were for $0.60 EPS and $2.86 billion in revenue.  Reported revenue was $3.33 billion, up 45 percent year-over-year. Reported net income was $878 million, down 22 percent year-over-year. Earnings per share were  $0.52, down 22 percent year-over-year.

Next quarter estimates are $0.61 EPS and $2.91 billion in revenue .New company guidance was for profit of $.46 to $.50. Revenue forecast was $2.3 billion to $2.5 billion.

Qualcomm missed on almost every number which is important. Shares were down about 10% after hours to $31.18 after dropping 6% in the regular session.

Douglas A. McIntyre