Qualcomm Inc. pared its forecast for fiscal 2005 after the stock market closed Wednesday. Its stock slumped more than 5 percent in after-hours trading.
Previously, the company said it expected yearly revenue in the range of $5.8 billion to $6.3 billion. On Wednesday the company said it expected revenue in the $5.5 billion to $5.7 billion range.
Shares of the locally based telecom giant had gained ground Wednesday to close at $33.21. But by 1:55 p.m., in after-hours trading, they were going for $31.50.
The company, traded on the Nasdaq as QCOM, reported quarterly results that were better than the same quarter last year.
Net income was $532 million, or 31 cents per share, on revenue of $1.37 billion during the quarter ended March 27.
Net income was $488 million at the same time last year. Revenue was $1.22 billion in the same quarter last year.