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QUALCOMM profit misses consensus by 27.0% in fiscal Q2

QUALCOMM Inc. said its normalized net income for the fiscal second quarter ended March 29 was 97 cents per share, compared with the S&P Capital IQ consensus estimate of $1.33 per share.

EPS climbed 13.2% year over year from 86 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.62 billion, an increase of 9.8% from $1.48 billion in the year-earlier period.

The normalized profit margin dropped to 14.7% from 23.2% in the year-earlier period.

Total revenue rose 8.3% on an annual basis to $6.89 billion from $6.37 billion, and total operating expenses grew 5.1% year over year to $4.50 billion from $4.29 billion.

Reported net income declined 46.4% on an annual basis to $1.05 billion, or 63 cents per share, from $1.96 billion, or $1.14 per share.