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QUALCOMM profit misses consensus by 33.5% in fiscal Q3

QUALCOMM Inc. said its normalized net income for the fiscal third quarter ended June 28 came to 63 cents per share, compared with the S&P Capital IQ consensus estimate of 95 cents per share.

EPS decreased 32.9% year over year from 94 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.02 billion, a decrease of 36.2% from $1.61 billion in the year-earlier period.

The normalized profit margin fell to 17.1% from 23.6% in the year-earlier period.

Total revenue fell 14.3% year over year to $5.83 billion from $6.81 billion, and total operating expenses decreased 6.5% from the prior-year period to $4.36 billion from $4.66 billion.

Reported net income declined 47.0% year over year to $1.19 billion, or 73 cents per share, from $2.25 billion, or $1.31 per share.