HELSINKI: Chipmaker Qualcomm on April 23 reported revenue of $6.9 billion on net income of $1.05 billion, or $1.40 per share, for its fiscal 2015 second quarter ended March 29. Although net income was down 46% compared to the prior year’s Q2, the results still surpassed the expectations of analysts, who were estimating earnings per share of $1.33 on revenue of $6.8 billion.
Looking ahead, however, the San Diego-based chipmaker lowered its guidance for the coming year to between $4.60 and $5 per share on revenue between $25 billion and $27 billion. This is down compared to its previous statement that it expected to earn $4.85 and $5.05 per share on revenue of between $26.3 billion and $28 billion.
Qualcomm cited the lowered outlook as a result of the loss of “ a large customer” as well as delays in product launches by some smartphone makers using its flagship chip. Still, TheStreet’s ratings team rated Qualcomm a “Buy,” citing strengths such as revenue growth, reasonable debt levels and an “impressive record of earnings per share growth and increase in net income.” Meanwhile, Exane BNP Paribas downgraded the stock from “Outperform” to “Neutral.”
Intel on April 15 reported revenue of $12.8 billion on net income of $1.99 billion, or 41 cents per share, for the first quarter ended March 28.
