Qualcomm Inc. (QCOM) reported first quarter adjusted EPS of $1.34 after the close Wednesday, up from $1.26 in the previous year. The consensus estimate was for EPS of $1.25. Second quarter adjusted EPS is expected to be between $1.28 and $1.40, compared to the consensus estimate of $1.28. The company also lowered its full year 2015 adjusted EPS forecast to between $4.75 and $5.05, from prior expectations of $5.05 to $5.35. Analysts are expecting EPS of $5.21.
Qualcomm gapped open sharply lower Thursday and declined throughout the first half of the morning. The stock ended the day with a loss of 7.30 at $63.69 on strong volume. Qualcomm sank beneath nearly a 3-month trading range and set a new low for the year.
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