QCOM QUALCOMM Inc

   By Maria Armental 
 

Wireless chip maker Qualcomm Inc. reported second-quarter results on Wednesday. Here's what you need to know:

PROFIT: Net income fell to $468 million, or 41 cents a share, from $663 million, or 55 cents a share, a year earlier. On an adjusted basis, profit rose to 88 cents a share from 77 cents a share a year earlier. Analysts surveyed by FactSet expected 55 cents a share, or 79 cents a share as adjusted. In February, Qualcomm projected profit of 50 cents to 65 cents a share, or 80 cents to 95 cents a share on an adjusted basis.

REVENUE: Revenue rose to $5.22 billion from $4.98 billion a year earlier. Analysts expected about $5.03 billion, at the mid-range of the company's February guidance of $4.9 billion to $5.7 billion.

SHIPMENTS: Qualcomm shipped 129 million chips in the quarter, at the low end of its range of 125 million to 145 million.

OUTLOOK: This quarter, Qualcomm expects 29 cents to 49 cents a share in profit, or 60 cents to 80 cents a share on an adjusted basis, and $4.4 billion to $5.2 billion in revenue. It said it expects to ship 125 million to 145 million chips, a roughly 30% reduction in handset shipments relative to its previous expectations. Analysts expect 57 cents a share, or 78 cents a share as adjusted, on $4.89 billion in revenue.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 29, 2020 16:35 ET (20:35 GMT)

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