Electronics company Qualcomm profits crash 44pc to $1.1bn for its fourth quarter of 2015
Electronics company Qualcomm today announced net income for its fourth quarter of 2015 had shot down 44 per cent to $1.1bn (£710m) from $1.9bn for the same period last year.
Revenue for the company’s last quarter also dropped, although not quite so dramatically, falling 18 per cent to $5.5bn from $6.7bn.
“Our fiscal fourth quarter revenues and earnings per share were at the high end of our expectations, with stronger-than-expected mobile station modem chipset shipments offsetting slower than expected progress concluding new license agreements in China,” said Steve Mollenkopf, chief executive of Qualcomm.
“We executed a major increase in our capital return program in fiscal 2015, returning a record $14 billion of capital to stockholders. We are encouraged by customer reaction to our flagship Snapdragon 820, are on track to deliver on our fiscal 2016 cost reduction targets and expect to exit fiscal 2016 on an improving financial trajectory.”
But the market was less optimistic, with shares surging downwards 6.7 per cent to an after hours trading low of $56.25 from a market close price of $60.26.