Qualcomm (QCOM) announced its quarterly earnings report on Wednesday and the company failed to meet expectations.
The semiconductor company posted net income of $2.26 billion for the quarter, 9% higher than a year ago and a 4% increase on a quarter-over-quarter basis. Qualcomm’s quarterly revenue stood at $6.37 billion, failing to meet analysts’ estimates of $6.49 billion.
The company’s sales were up 4% from the same quarter a year ago, but down 4% compared to the previous quarter. Qualcomm’s diluted earnings per share were $1.31, beating analysts’ average estimates of $1.22.
QCOM stock fell over 3.5% on Thursday following the report.
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