Shares of Qualcomm Inc. broke a streak of post-quarterly-results losses late Wednesday, as the chip maker gave investors a reason to stay positive about the current quarter.
Qualcomm earned $1.49 billion, or $1.32 a share, in the quarter, compared with $2.87 billion, or $2.54 a share, in the year-ago quarter. Adjusted for one-time items, Qualcomm earned $2.02 a share.Analysts polled by FactSet expected adjusted earnings of $1.91 a share on revenue of $8.5 billion. Qualcomm stock had declined after each of the company’s past five earnings reports, including a 8.2% drop after the most recent quarterly update.
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