Reuters: Global Markets: Qualcomm quarterly revenue disappoints, shares fall

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Qualcomm quarterly revenue disappoints, shares fall Jul 18th 2012, 20:34 NEW YORK | Wed Jul 18, 2012 4:34pm EDT NEW YORK (Reuters) - Qualcomm Inc (QCOM.O) cut its revenue and earnings forecast for the current quarter on weaker-than-expected demand for semiconductors and cellphones. The leading provider of chips for cellphones also reported fiscal third-quarter revenue and earnings that rose more slowly than Wall Street expected as it scrambled to overcome a shortfall of its cutting-edge chips, sending its shares down in late trade. "It's a mess, well below expectations on revenue guidance, chip sales much lower than people expected. It could be a slowdown in demand, it could be a delay in the iPhone 5. It could be 28 nm supply." said Charter Equity Research analyst Ed Snyder. Qualcomm cut its revenue target for the full year 2012 to a range of $18.7 billion to $19.1 billion from its prior forecast of $18.7 billion to $19.7 billion. It cut its non-GAAP earnings per share target to a range of $3.61 to $3.67 from $3.61 to $3.76. Qualcomm posted a profit of $1.207 billion, or 69 cents per share for its second quarter ended June 24, compared with a profit of $1.035 billion or 61 cents per share in the year-ago quarter. Excluding certain items, Qualcomm earnings per share would have been 85 cents compared with Wall Street expectations of 86 cents, according to Thomson Reuters I/B/E/S. Revenue rose to $4.63 billion from $3.62 billion, compared with analyst expectations of $4.677 billion. (Reporting By Sinead Carew; editing by M.D. Golan) Link this Share this Digg this Email Reprints

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