Qualcomm Q3 Results Beat Street View; Outlook Strong; Shares Up 12%

(RTTNews) - Shares of Qualcomm Inc. (QCOM) jumped 12% in extended trading session Wednesday after the chip maker reported a third-quarter earnings and revenues that trumped Wall Street estimates. The company also issued a financial outlook for the fourth quarter largely above the current expectations.

San Diego, California-based Qualcomm's third-quarter profit dropped to $845 million or $0.74 per share from $2.15 billion or $1.75 per share last year.

Adjusted earnings for the quarter were $982 million or $0.86 per share. Analysts polled by Thomson Reuters expected earnings of $0.71 per share. Analysts' estimates typically exclude special items.

Qualcomm's third-quarter revenues plunged 49.3% to $4.89 billion from $9.64 billion last year. Analysts had a consensus revenue estimate of $4.81 billion for the quarter.

Looking forward, the company expects fourth-quarter adjusted earnings of $1.05 to $1.25 per share and revenues of $7.3 billion to $8.1 billion

QCOM closed Wednesday's trading at $93.03, up $1.58 or 1.73%, on the Nasdaq. The stock further gained $11.77 or 12.65% in the after-hours trading.