Qualcomm lowered its revenue estimate and declined to update its earnings forecast as it reported flat revenue and a steep decline in profit for its fiscal first quarter. The mobile technology company’s revenue for the quarter ended in December was US$2.52 billion, up 3 percent from a year earlier but down 25 percent from the previous quarter. Net income plummeted 56 percent to $341 million, or $0.20 per share. Qualcomm said the profit was slammed by the falling value of marketable securities held by the company. Looking forward, the company forecasts falling revenue. It expects second-quarter revenue to come in between $2.25 billion and $2.45 billion, down between 6 percent and 14 percent from a year earlier. Qualcomm slashed an earlier forecast for the full 2009 fiscal year to between $9.3 billion and $9.8 billion, representing a drop of 12 percent to 16 percent from fiscal 2008. The company wouldn’t update its earlier earnings forecast, which called for fiscal-year earnings per share of $2.00 to $2.10. That doesn’t mean Qualcomm expects people will stop buying 3G handsets: Counting both CDMA2000 and Wideband CDMA (Code Division Multiple Access), Qualcomm expects between 540 million and 590 million devices to ship in 2009,… Read full this story
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