EmailQualcomm (QCOM $59.04 +2.08) reported third quarter earnings of $0.85 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.86, while revenues rose 27.8% year/year to $4.63 billion versus the $4.68 billion consensus. The company issued downside guidance for the fourth quarter with EPS of $0.78-0.84 versus the $0.89 consensus and revenues of $4.45-4.85 billion versus the $4.9 billion consensus. The company issued downside guidance for the fiscal year 2012 with EPS of $3.61-3.67 versus the $3.74 consensus, down from prior guidance of $3.61-3.76; sees FY12 revenues of $18.7-19.1 billion versus the $19.21 billion consensus, down from prior guidance of $18.7-19.7 billion.
"Looking forward, our growth estimates for 3G/4G device shipments in calendar 2012 have moderated slightly, and we now expect the demand profile of the calendar year to be more back-end loaded as new devices are launched for the holiday season. Although our outlook for semiconductor volumes in the fiscal fourth quarter has been reduced from our prior expectations, we are ramping supply of our 28 nanometer chipsets to help enable what we expect to be a strong December quarter for our semiconductor business."
