SAN DIEGO (dpa-AFX) - Qualcomm Inc. (QCOM) Wednesday posted a loss for the fourth quarter, hurt largely by lower revenues reflecting loss of chip sales to Apple Inc. The company also detailed a weak revenue outlook for the first quarter.
Qualcomm reported fourth-quarter loss of $493 million or $0.35 per share, compared with last year's profit of $168 million or $0.11 per share.
Adjusted earnings for the quarter dropped to $0.90 per share from $0.92 per share last year. On average, 21 analysts polled by Thomson Reuters estimated earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter dropped to 2% to $5.80 billion from $5.91 billion last year. Analysts had a consensus revenue estimate of $5.52 billion for the quarter.
'We delivered a strong quarter, with Non-GAAP earnings per share above the high end of our prior expectations, on greater than expected chipset demand in QCT and lower operating expenses,' said CEO Steve Mollenkopf. 'We are executing well on our strategic objectives, including driving the commercialization of 5G globally in 2019 and returning significant capital to our stockholders.'
Beginning in the third quarter of 2017, results have been negatively impacted by the company's dispute with Apple and its contract manufacturers, Qualcomm said in a statement.
Looking forward to the first quarter, Qualcomm expects revenues of $4.5 billion to $5.3 billion and adjusted earnings of $1.05 to $1.15 per share. Analysts currently expect earnings of $0.95 per share on revenues of $5.57 billion.
QCOM closed Wednesday's trading at $63.21, down $0.42 or 0.66%, on the Nasdaq. The stock further slipped $2.11 or 3.34% in the after-hours trade.
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