Qualcomm Inc. Q2 Profit Drops, Inline With Estimates

(RTTNews) - Qualcomm Inc. (QCOM) announced earnings for second quarter that decreased from last year in line with the Street estimates.

The company's earnings totaled $1.70 billion, or $1.52 per share. This compares with $2.93 billion, or $2.57 per share, in last year's second quarter.

Excluding items, Qualcomm Inc. reported adjusted earnings of $2.42 billion or $2.15 per share for the period.

Analysts on average had expected the company to earn $2.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 16.8% to $9.28 billion from $11.16 billion last year.

Qualcomm Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.70 Bln. vs. $2.93 Bln. last year. -EPS (Q2): $1.52 vs. $2.57 last year. -Analyst Estimates: $2.15 -Revenue (Q2): $9.28 Bln vs. $11.16 Bln last year.

-Guidance: Next quarter EPS guidance: $1.70 - $1.90 Next quarter revenue guidance: $8.1 - $8.9 Bln