Qualcomm Earnings Preview (QCOM)

Qualcomm Inc. QCOM is set to release its fiscal Q2 earnings results today after the closing bell. The current Wall Street consensus earnings per share estimate is $0.80. The high estimate is pegged at $0.85. In the year ago quarter, Qualcomm reported EPS of $0.59. On the revenue front, Wall Street analysts are projecting that the company will report sales of $3.62 billion. The high estimate is at $3.78 billion. This compares to last year's fiscal Q2 sales of $2.66 billion. Over the last 30 days, analysts' EPS estimates have remained stable, with one analyst raising estimates and none lowering their outlook. Over the last 90 days, however, consensus EPS estimates have risen $0.12 from $0.68. The Street will be looking for continued momentum from QCOM, driven by growth in the tablet and smartphone space, where the company is one of the largest suppliers of technology and parts to end manufacturers. Qualcomm shares have been rising steadily over the last year, gaining 27%. In the first half of 2010, the company was beset by earnings disappointments and traded as low as $32 in July. Since then, however, QCOM has been one of the best performers in the large cap technology space.