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Tech spending fears hit Qualcomm shares

Profits up but shares fall

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Qualcomm made revenues of $2.31bn in the fourth quarter of fiscal 2007, ended 30 September, 15 per cent more than the same three months of last year.

Net income was $1.13bn, a leap of 84 per cent on last year.

For the fiscal year 2007, Qualcomm made revenues of $8.87bn, up 18 per cent, and net income was up 34 per cent to $3.3bn.

Despite the solid performance Qualcomm shares fell 3.5 per cent. Qualcomm's outlook for 2008 disappointed Wall Street - the company predicts revenue growth of between seven and 12 per cent and an increase in earnings-per-share of between one and four per cent.

Tech shares fell more generally yesterday as Cisco raised fears that the sub-prime problems were likely to hit bank spending on new technology. Cisco shares fell almost 10 per cent, Google was down over five per cent, and Apple was down nearly six per cent.

Regarding its ongoing court battles with Nokia over royalty payments for patents, Qualcomm said it was excluding revenue from Nokia sales after April 2007 until the dispute was resolved. For 2008 Qualcomm believes Nokia will owe it some 25 to 30 cents per share. Following an audit the company also reduced downwards the number of handsets based on its technology it shipped in the fourth quarter from 92 million to 89 million.

Qualcomm's press release is here (pdf).®

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