Trade Resources Company News Qualcomm's Financial Report Sending Its Shares Lower

Qualcomm's Financial Report Sending Its Shares Lower

Qualcomm Inc said it expects its newest Snapdragon mobile chip will not be used in a major customer's flagship smartphone, sending its shares lower. The chipmaker said in a statement on Wednesday it expects fiscal 2015 revenue between $26.0 billion and $28.0 billion, down from a previous estimate of between $26.8 billion and $28.8 billion.

The new Snapdragon 810 processor supports native 4K Ultra HD interface and audio. "These products underscore Qualcomm Technologies focus on 64-bit leadership, accelerating its availability across all product tiers while maintaining a long-term commitment to the continued development of its own next-generation custom 64-bit CPU microarchitecture, with more details expected to be shared later this year," states the PR. This GPU is designed to deliver up to 30 percent faster graphics performance and 100 percent faster GPGPU computer performance than the previous GPU, while also reducing power consumption by up to 20 percent.

Qualcomm executives touched on many other topics during the analyst meeting, including an antitrust investigation in China. They didn't disclose new details about the investigation, but expressed confidence Qualcomm will put the matter behind it in 2015. The company projected its average annual revenue growth rate at 8% to 10% over the next five years, adding that it expects earnings per share to grow faster than revenue. Qualcomm shares recently were trading at $70.81, down 1.67%.

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