Qualcomm FY Q4 Slightly Light; Q1, FY 2010 Outlook Below The Street; But Stock Gains

Qualcomm (QCOM) this afternoon posted somewhat disappointing results for its fiscal fourth quarter ended September 27, and a similarly lackluster outlook for both Q1 and FY 2010.

For the quarter, the wireless chip company posted revenue of $2.69 billion, down 19% year-over-year and 2% sequentially, and below the Street at $2.72 billion. The company posted diluted EPS of 48 cents, below the Street at 52 cents.

For FY Q1, the company sees revenue of $2.55 billion to $2.75 billion and EPS ex-special items of 54-58 cents a share; the Street has been expecting $2.84 billion and 56 cents. On a GAAP basis, the company sees profits of 41-45 cents a share.

For the September 2010 fiscal year, QCOM sees revenue of $10.5 billion to $11.3 billion, and profits ex-items of $2.10 to $2.30 a share; the Street has been expecting $11.6 billion and $2.32 a share.

QCOM in late trading is up 65 cents, or 1.6%, to $42.25.

I would note that there were fears the company would miss; apparently, the miss was not as bad as expected.