Home Technology All Looks Good For Qualcomm, Inc. (QCOM): BMO

All Looks Good For Qualcomm, Inc. (QCOM): BMO

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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.

All Looks Good For Qualcomm, Inc. (QCOM): BMO

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.

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Aman Jain
Personal Finance Writer

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