Bargains for Under $25 HP Envy 34 All-in-One PC Review Best Fitbits T-Mobile Data Breach Settlement ExpressVPN Review Best Buy Anniversary Sale Healthy Meal Delivery Orville 'Out Star Treks' Star Trek
Want CNET to notify you of price drops and the latest stories?
No, thank you

Qualcomm tiptoes past 4Q estimates

Qualcomm topped analysts' estimates in its fourth quarter Thursday, earning $200.8 million, or 25 cents a share, on sales of $635 million.

First Call Corp. consensus expected it to post a profit of 24 cents a share in the quarter.

Ahead of the earnings report, Qualcomm (Nasdaq: QCOM) shares gained $1.31 to $62.81.

The $635 million in sales marks an 11 percent improvement from the year-ago quarter when it earned $182.9 million, or 24 cents a share, on sales of $716 million.

"This year we continued to focus on improving profitability while investing in areas of future growth," said CEO Irwin Jacobs in a prepared release. "As we move forward, we plan to leverage future growth opportunities by continuing our strong market position with 1x, 1xEV and multi-mode integrated circuits and further developing and investing in wireless data and Internet access applications."

Company officials said they are comfortable with the current First Call Corp. profit estimates of $1.29 a share in fiscal 2001.

Sluggish sales of NSM integrated circuits to South Korea was the main reason for the revenue decline, company officials said.

For the year, Qualcomm earned $670.2 million, or $1.05 a share, on sales of $2.8 billion.

Last quarter, Qualcomm met analysts' estimates, earning $218 million, or 27 cents a share, on sales of $714 million.

Nineteen of the 23 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

The stock peaked at $200 in January before falling to a low of $51.50 in July.