Qualcomm Incorporated (QCOM – Free Report) just released its fourth-quarter 2017 financial results, posting earnings of $0.92 per share and revenues of $5.91 billion. Currently, QCOM is a Zacks Rank #3 (Hold) and is up over 1.38% to $54.20 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted earnings of $0.92 per share, topping the Zacks Consensus Estimate of $0.81 per share.
Beat revenue estimates. The company saw revenue figures of $5.91 billion, beating our consensus estimate of $5.78 billion.
The company’s fourth-quarter GAAP earnings plummeted 90%. Qualcomm’s Q4 revenues dipped 5%.
Qualcomm’s full-year revenues fell 5% to $22.3 billion. On top of that, the company’s full-year GAAP diluted earnings per share sunk 57% to $1.65.
In regard to its dispute with Apple (AAPL – Free Report) , Qualcomm stated the following:
“Third and fourth quarters and fiscal 2017 GAAP and Non-GAAP results were negatively impacted as a result of actions taken by Apple and its contract manufacturers as well as the previously disclosed dispute with another licensee, who underpaid royalties due in the second quarter of fiscal 2017 and did not report or pay royalties due in the third and fourth quarter of fiscal 2017. We expect these licensees will continue to take such actions in the future until the respective disputes are resolved.”
The company now expects to post Q1 2018 revenues between $5.5 billion and $6.3 billion. On top of that, Qualcomm now projects it will post Q1 2018 EPS in the range of $0.63 to $0.73.
“Our fourth quarter and fiscal 2017 results reflect continued product leadership and profitability improvement in our semiconductor business, including strength in adjacent opportunities outside mobile,” CEO Steve Mollenkopf said in a statement.
Here’s a graph that looks at QCOM’s Price, Consensus and EPS Surprise history:
Qualcomm Incorporated is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm’s licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 30 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other.
Check back later for our full analysis on QCOM’s earnings report!
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