Wireless technology giant Qualcomm Incorporated (NASDAQ:QCOM) late Wednesday posted better-than-expected fiscal Q4 results and offered a tepid Q1 outlook.
The San Diego based company reported Q4 net income of $1.28 per share, a full 15 cents better than Wall Street’s $1.13 estimate. Revenue jumped 12.7% from last year to $6.2 billion, easily beating analysts’ $5.86 billion view.
Looking ahead, QCOM issued mostly in-line Q1 guidance. The company expects Q1 EPS to range from $1.12 to $1.22, which could miss Wall Street’s $1.22 estimate. It also sees revenues of $5.7 to $6.5 billion, versus analysts’ $6.14 billion view. Additionally, QCOM forecast Q1 MSM chip shipments of 205 million to 225 million, with total reported device sales of approximately $58.0 to $66.0 billion.
The company commented via press release:
We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions. We are well positioned to extend our mobile technology leadership and footprint into attractive growth opportunities, accelerated by our recently announced agreement to acquire NXP.
Last month, Qualcomm announced a massive merger with Netherlands based NXP Semiconductors (NASDAQ:NXPI). That $47 billion deal is expected to close some time next year.
Qualcomm shares were mostly flat in after-hours trading Wednesday. Prior to the report, QCOM gained more than 34% year-to-date, versus just a 3.1% return in the benchmark S&P 500 during the same period.
