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Qualcomm misses, warns
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November 6, 2001: 5:42 p.m. ET
Qualcomm misses fourth-quarter earnings estimates, warns on next quarter.
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NEW YORK (CNNmoney) - Qualcomm Inc. reported fourth-quarter results Tuesday that missed expectations and warned that its first quarter 2002 results will also come up short.
Shares of Qualcomm, which rose during regular trading ahead of its earnings report, fell $3.63 to $51.10 after hours.
Qualcomm (QCOM: Research, Estimates), which develops wireless technology and chips, reported fourth-quarter earnings before certain items of 23 cents per share, down from 25 cents per share in the year-ago period.
Revenues for the quarter rose 6.6 percent from the same quarter a year ago to $682 million.
Those results exclude an adjustment for a change in accounting.
On average, analysts surveyed by First Call expected the company to earn 25 cents per share, with revenues of about $692 million.
The company said the shortfall was caused by lower interest on carrier loans in the company's wireless services unit.
The company also said it expects first-quarter 2002 earnings to be in the range of 21 and 24 cents per share, below the current consensus forecast of 27 cents per share, according to First Call.
Revenues for the first quarter of 2002 are projected to grow 5 to 10 percent from the fourth quarter of 2001, which would be in line with the First Call number.
Qualcomm said it expects to ship 15 to 16 million MSM phone chips next quarter, up from 13 million this past quarter and in line with analysts expectations.
Those shipments will include about 6 to 7 million of the company's new Code Division Mulitiple Access 2000 1x chip, up from 4 million shipped in the fourth quarter. 
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