Qualcomm Revenues Down, Guidance Mixed

Qualcomm (QCOM 43.31, +1.71) issued a fourth quarter report that featured lower profit and revenue from the prior year and issued downside guidance for fiscal 2010, but shares of the company are more than 4% higher in the first few minutes of Thursday's trade.

Qualcomm reported fiscal fourth quarter earnings of $0.48 per share.  The results include a number of items and may not be comparable to the First Call consensus of $0.52.  GAAP net income of $803 million was down 9% year-over-year and up 9% sequentially.

Revenues fell 19.6% year-over-year to $2.68 billion; the consensus expected $2.72 billion.

Qualcomm issued mixed guidance for its fiscal first quarter, saying it sees earnings between $0.54 and $0.58 per share; the consensus stands at $0.56.  The company projects revenues between $2.55 billion and $2.75 billion, shy of the current consensus of $2.84 billion.

For fiscal 2010, Qualcomm said it sees earnings of $2.10 to $2.30 per share, below the current consensus of $2.32.  Qualcomm's revenue expectations are also a bit short of the consensus, as the company expects $10.5 billion to $11.3 billion while the consensus estimate currently stands at $11.61 billion.