Qualcomm Sends Weak Targets Ahead (QCOM)

Qualcomm Inc. (NASDAQ: QCOM) reported earnings of $0.31 in pro forma non-GAAP EPS and $2.52 billion in revenue.  Thomson Reuters (First Call) had estimates of $0.47 EPS and $2.42 billion in revenue.  Qualcomm is claiming that 3G and CDMA demand remains healthy.

As far as guidance, the CDMA chipset giant sees revenueof $2.25 to $2.45 billion in revenue in the coming quarter.  Noearnings guidance was given.  First Call has estimates of $0.47 EPS and$2.41 billion in revenue.

Qualcomm projects fiscal-2009 revenue at $9.3 billion to $9.8 billion. That’s below the $10.29 billion consensus for the period ending September 2009.  The company also noted additional impairments on its securities due to financial market turmoil.

Shares were up 3.3% at $36.82 in regular trading today, and theinitial reaction in after-hours trading has shares down more than $1.00. Its 52-week trading range is $28.16 to $56.88.

Jon C. Ogg
January 28, 2009