Mobile chipmaker Qualcomm Inc. ( QCOM ) late Wednesday posted a better-than-expected fourth quarter profit and offered a first quarter forecast that beat expectations.
The San Diego-based company reported fiscal fourth quarter profit of $865 million, or 53 cents per share, compared with $803 million, or 48 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 68 cents per share.
Revenue rose nearly 10% from last year to $2.95 billion.
On average, Wall Street analysts expected a smaller adjusted profit of 59 cents per share, on lower revenue of $2.85 billion.
For the current fiscal first quarter, the company predicted profit to range from 70 to 74 cents per share, on revenue of $3.05 billion to $3.35 billion. Analysts currently expect 64 cents on $2.99 billion in revenue.
Qualcomm shares rose $3.65, or +8%, in premarket trading Thursday.
The Bottom Line
Shares of Qualcomm ( QCOM ) have a 1.66% dividend yield, based on last night's closing stock price of $45.69. The stock has technical support in the $44-$46 price area. If the shares can firm up, we see overhead resistance around the $53 price level.
Qualcomm Inc. ( QCOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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