QUALCOMM Dives on Q3 Earnings Results

Shares of QUALCOMM QCOM are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 2.97%, trading at $55.60; they ended the regular session higher by 0.56%, at $57.30. QUALCOMM reported Q3 EPS of $0.73 on revenues of $3.62 billion; the Street was looking for $0.71 per share on revenues of $3.55 billion. Revenues increased 34.2% year over year. "Qualcomm delivered strong year-over-year results again this quarter as our business performed well across all key guidance metrics. In addition, we successfully completed the acquisition of Atheros, positioning us to further expand our opportunities going forward," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "Looking forward, we continue to see healthy growth in CDMA-based device shipments of approximately 18 percent in calendar year 2011, and we are pleased to be raising our revenue and Non-GAAP earnings guidance for the fiscal year, driven primarily by strong global smartphone adoption and the addition of Atheros." QUALCOMM Incorporated designs, manufactures and markets digital wireless telecommunications products and services based on its code division multiple access technology and other technologies.