Qualcomm stumbles on weak Q4 guidance
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Qualcomm (NASDAQ:QCOM) shares fell 3% in extended-hours trading after the semiconductor company reported
mixed third-quarter results but offered weak guidance.
For the period ending June 25, Qualcomm (QCOM) earn an adjusted $1.87 per share on $8.44B in revenue. Included in that was a 24% decline in QCT revenue, which clocked in at $7.17B. Revenue related to the QTL segment declined 19% year-over-year to $1.23B.
Automotive-related revenue was the lone bright spot during the period, rising 13% year-over-year to $434M.
Wall Street analysts expected Qualcomm (QCOM) to earn $1.81 per share, while sales were forecast to drop nearly 22% year-over-year to $8.51B. 
Looking ahead, Qualcomm (QCOM) expects fourth-quarter adjusted earnings to fall within a range of $1.80 to $2 per share, with revenue between $8.1B and $8.9B.
The Cristiano Amon-led company expects QCT revenues to fall within a range of $6.9B to $7.5B, while QTL revenues are expected to be between $1.15B and $1.35B.
Analysts are expecting adjusted earnings of $1.94 per share and $8.79B in revenue.
The company will host a conference call at 4:45 p.m. EST to discuss the results.
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