Qualcomm Inc. Q1 Profit Decreases, but beats estimates

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.

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

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