Qualcomm forecast current-quarter revenue below estimates

(Reuters) – Qualcomm Inc (O:) forecast current-quarter revenue below analysts’ expectations on Wednesday, sending its shares down 4% in extended trading.

The company forecast total revenue of between $4.3 billion and $5.1 billion (£3.5 billion and £4.2 billion) for its fourth quarter, below analysts’ average estimate of $5.63 billion, according to IBES data from Refinitiv.

Revenue fell to $4.9 billion in the third quarter, missing analysts’ estimates of $5.08 billion.

Excluding items, the company earned 80 cents per share, beating analyst average estimate of 75 cents.

Qualcomm’s revenue for the third quarter excluded a roughly $4.6 billion payment from Apple Inc (O:) for previously unpaid royalties while the two were in a legal dispute.

Including the payment, revenue was $9.64 billion.

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