Qualcomm Inc. shares rose in the extended session Wednesday after the chipmaker's quarterly results topped Wall Street estimates. Qualcomm shares rose 3.5% after hours, following a 0.4% decline to close at $49.75 in the regular session. The company reported fiscal second-quarter net income of $363 million, or 24 cents a share, compared with $749 million, or 50 cents a share, in the year-ago period. Adjusted earnings were 80 cents a share. Revenue rose to $5.26 billion from $5.02 billion in the year-ago period. Analysts surveyed by FactSet had estimated 70 cents a share on revenue of $5.19 billion. For the third quarter, Qualcomm estimates adjusted earnings of 65 cents to 75 cents a share on revenue of $4.8 billion to $5.6 billion. Analysts expect earnings of 75 cents a share on revenue of $5.28 billion.
Read the full story: Qualcomm shares tick higher on earnings beat, but outlook disappoints