Qualcomm stock rises following earnings beat
Qualcomm Inc. shares rose in the extended session Wednesday after the chipmaker topped Wall Street estimates for the quarter. Qualcomm shares rose 2.4% after hours, following a 0.7% decline to close the regular session at $63.21. The company reported a fiscal fourth-quarter loss of $493 million, or 35 cents a share, compared with $168 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 90 cents a share. Revenue declined to $5.8 billion from $5.91 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 83 cents a share on revenue of $5.53 billion. For the first quarter, Qualcomm expects adjusted earnings of $1.05 to $1.15 a share on revenue of $4.5 billion to $5.3 billion, while analysts had forecast 94 cents on revenue of $5.59 billion. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.