Qualcomm Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Qualcomm Inc. (QCOM) reported earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $2.24 billion, or $1.98 per share. This compares with $3.40 billion, or $2.98 per share, in last year's first quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $2.68 billion or $2.37 per share for the period.

Analysts on average had expected the company to earn $2.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.7% to $9.46 billion from $10.71 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $2.24 Bln. vs. $3.40 Bln. last year. -EPS (Q1): $1.98 vs. $2.98 last year. -Analyst Estimates: $2.34 -Revenue (Q1): $9.46 Bln vs. $10.71 Bln last year.

-Guidance: Next quarter EPS guidance: $2.05 - $2.25 Next quarter revenue guidance: $8.7 - $9.5 bln