SAN DIEGO – Wireless telecommunications company Qualcomm Inc. Tuesday reported fourth quarter earnings below Wall Street expectations and said earnings for the current fiscal year would be at the low end of already lowered analyst estimates.
Qualcomm posted pro forma earnings excluding one-time items, and before new accounting rules, of $186.1 million, or 23 cents per share compared with pro forma earnings of 25 cents per share in the same period last year.
The average estimate of 22 brokers surveyed by Thomson Financial/First Call was for pro forma earnings of 25 cents per share, with a range of 24 cents to 26 cents.
Revenues were $682 million compared with $640 million in the prior quarter and $635.4 million in the year-earlier period. The First Call estimate was for revenues of $692.1 million.
Shares in Qualcomm fell 2 percent, or $1.18, to $53.55 in after-hours trade on Instinet, after closing at $54.73 on Nasdaq.
The company blamed its shortfall on lower interest on carrier loans in its wireless services segment.
For the current quarter, the company said it sees pro forma earnings in the range of 21 cents to 24 cents and expects pro forma revenues to rise 5 percent to 10 percent.
The First Call earnings estimate had been an average of 27 cents, with a range of 25 cents to 30 cents.
For fiscal 2002, Qualcomm said it sees earnings per share at $1.10 to $1.20, with revenue growth of 15 percent to 25 percent.
The First Call average had been for $1.22, with a range of $1.10 to $1.45.
The company said its estimate was based on the sale of 85 million to 95 million phones using its CDMA technology during the year.
Qualcomm also said it was in talks with an unidentified third-party to sell its interest in Mexican wireless operator Pegaso.