Qualcomm, Inc. (NASDAQ:QCOM) revealed its earnings report for the three months ended June 30 today after the market closed. The company showed earnings of $1.03 per share for the quarter on revenue that totaled $6.24 billion. On today’s market, Qualcomm shares trended downward, closing the day at $61.39.
In the run up to the announcement of these numbers, analysts were looking for $1.03 per share from the company for the three months period. Revenue from the quarter was expected to come to $6.1 billion. In the same three months of 2012, Qualcomm, Inc. (NASDAQ:QCOM) earned $85 cents a share on revenue of $4.6 billion.
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Despite the solid earnings growth achieved by Qualcomm, Inc. (NASDAQ:QCOM) in recent years and expect in the years to come, the company’s shares have underperformed the technology market. Since the start of 2013, the company has lost a small fraction of its value while the Nasdaq gained 18 percent. In 2012 the chip maker gained just 13 percent, lagging the wider Nasdaq, which grew 15 percent in the period, despite its operation in the growing smartphone market.
Qualcomm, Inc. (NASDAQ:QCOM) is not particularly overvalued compared to its competitors with rival Broadcom trading at close to 39 times earnings. Analysts and investors have been waiting for Qualcomm shares to grow in value in line with the company’s earnings, but it hasn’t happened yet.
Qualcomm to the future
Analysts are expecting Qualcomm, Inc. (NASDAQ:QCOM) to grow substantially in the coming years as the company remains competitive in mobile chips and smart phone demand rounds out around the globe, opposing its current concentration in developed countries. In 2012 the company earned $3.71 per share while analysts expect $4.52 per share in 2013 and $4.89 per share in 2014.
Qualcomm Inc. (NASDAQ:QCOM) executives will host a conference call at 4:45 EDT this afternoon in order to discuss this earnings report. Investors and analysts will be interested in the firm’s guidance and expectations for its pipeline as well as the likely effects of the slow down in China on the company’s business.