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QCOM edges estimates
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July 26, 2001: 5:27 p.m. ET
Beats 3Q earnings forecast by a penny, affirms 4Q guidance
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NEW YORK (CNNfn) - Qualcomm Inc. saw third-quarter earnings and revenue fall from the same period a year ago, but the company beat profit expectations by a penny.
Qualcomm, a developer of wireless technology and chips, on Thursday reported net income before certain charges of $174.4 million, or 22 cents per share, compared to $218 million, or 27 cents per share for the year-ago period. Analysts surveyed by First Call expected earnings of 21 cents per share.
Revenues fell 10 percent from third quarter 2000 to $640 million. Qualcomm executives cited soft demand for the company's chips due to a weaker global economy and lower royalties and licensing fees for the shortfall.
The company said it expects to earn 25 cents per share in its fourth quarter, in line with First Call's current estimates.
"Despite global economic pressures, we expect to grow our revenues and profits in 2002, as second and third generation CDMA systems are deployed around the world and take an increased share of the worldwide wireless market," said Dr. Irwin M. Jacobs, chairman and CEO of Qualcomm, in a statement.
CDMA, or code division multiple access, is a wireless standard developed by the company that is prevalent in the U.S. and parts of Asia. 
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