Qualcomm, Inc. (NASDAQ:QCOM) June quarter results were in line with the expectations of analysts. Revenue and EPS guidance given by the company are also somewhat in line with analyst estimates.


June quarter performance

A report from BMO Capital Market by analyst Tim Long has given an Outperform rating to Qualcomm, Inc. (NASDAQ:QCOM)’s stock with a price target of $77. For the June quarter, revenue came in at $6.2 billion compared to the consensus estimate of $6.1 billion. The company reported earnings per share of $1.03, which was also in line with the consensus estimate of $1.03 per share. Pro forma EPS includes a $0.06 loss from an impairment charge for Mirasol, so upside would have been higher, says a report from BMO Capital.

Total revenue from devices in March came in at $56.5 billion, which beats the $54.9 billion guidance, from BMO. BMO estimated handset revenues to be around $56.9 billion. Qualcomm posted device units of 246 million and ASPs of $230 as against the estimated 248 million and $221. The MSM shipments for the June quarter came in line with estimates of 171 million at 172 million.

Guidance and estimates

For the September quarter, Qualcomm, Inc. (NASDAQ:QCOM) is looking forward to posting revenue of $5.9-$6.6 billion and pro forma EPS of $1.02-$1.10. Analysts at BMO expect revenue of $6.4 billion and EPS of $1.08 against the consensus of $6.3 billion and $1.08.

For full fiscal 2013, Qualcomm is expecting revenue to be in the range of $24.3-$25.0 billion and pro forma EPS in the range of $4.48-$4.56 compared to analysts’ expectation of $24.7 billion and $4.55 and a consensus of $24.5 billion and $4.54.

Qualcomm, a consistent performer

Qualcomm, Inc. (NASDAQ:QCOM) has reported decent earnings in recent years and is expected to continue the trend in the future, as well. However, the stock has underperformed in the technology market. It lost a little of its value at the start of 2013 and gained 18 percent on NASDAQ.