Qualcomm Q4 earnings fell 44%Staff writer ▼ | November 4, 2015
Qualcomm Incorporated announced results for its fiscal fourth quarter ended September 27, 2015. Reported earnings fell 44%, reflecting weaker sales of smartphone chips and struggles licensing patents in China.
Qualcomm Weaker sales of smartphone chips
The company in its news release Wednesday said it will no longer provide annual per-share and revenue guidance, as it aligns its practices more closely with its semiconductor and large technology sector peers.
Chief executive Steve Mollenkopf said that latest quarter's results were at the high end of Qualcomm's expectations on stronger-than-expected chip shipment volume that offset slower-than-expected progress on new license agreements in China.
The company also is on track to deliver its cost-savings goals for the recently started fiscal year and exit the 12 month period that ends in September "on an improving financial trajectory," Mr. Mollenkopf said.
For the period ended September 27, Qualcomm reported a profit of $1.06 billion, or 67 cents a share, down from $1.89 billion, or $1.11 a share, a year earlier. Excluding restructuring- and acquisition-related charges and other items, per-share earnings fell to 91 cents from $1.26. Revenue decreased 18% to $5.46 billion. ■