Advertisement
YOU ARE HERE: LAT HomeCollections

EARNINGS ROUNDUP / QUALCOMM

Revenue up but profit down 22%

November 07, 2008|Times Wire Reports

Qualcomm Inc. reported a 22% decline in fiscal fourth-quarter profit even though a license agreement with rival wireless equipment maker Nokia Corp. helped boost revenue 45%.

The San Diego company also gave revenue and profit estimates for 2009 far below analyst expectations.

Qualcomm said it earned $878 million, or 52 cents a share, for the quarter, compared with $1.13 billion, or 67 cents, a year ago. Losses on financial investments accounted for much of the decline.

Excluding a charge for stock-based compensation and a loss in its strategic investment unit, Qualcomm earned 63 cents a share, 3 cents higher than the estimate among analysts polled by Thomson Reuters.

Revenue soared to $3.33 billion from $2.31 billion.

The results were released after markets closed. Qualcomm shares fell $2.12, or 6%, to $33.05 amid a broad market decline and shed an additional 82 cents after hours.

Wendy's International Inc., bought by Triarc Cos. in September, swung to a third-quarter loss on costs related to the acquisition. Wendy's net loss was $29.9 million, or 34 cents a share, compared with net income of $29.9 million, or 34 cents, a year earlier, Wendy's/Arby's Group Inc. said. The company said it had $68.5 million of costs related to the acquisition. Revenue fell to $624.9 million from $629.8 million for the three months through Sept. 28.

Charter Communications said its third-quarter loss narrowed partly on increased sales of bundled services and improved cost controls. The cable operator reported a loss of $322 million, or 86 cents a share, compared with a loss of $407 million, or $1.10, a year earlier. Prior-year results included a $56-million write-down on the value of its assets. Revenue rose 7% to $1.64 billion.

Live Nation Inc., the largest U.S. concert promoter, said third-quarter profit more than tripled on the sale of its motor-sports division and higher ticket prices. Net income increased to $139.9 million, or $1.67 a share, from $41.6 million, or 55 cents, a year earlier, the Beverly Hills-based company said. Sales gained 9.3% to $1.59 billion.

Blockbuster Inc. reported a narrower third-quarter loss after boosting merchandise sales in its more than 7,500 video rental stores. The net loss was $17.8 million, or 11 cents a share, compared with a loss of $34.4 million, or 20 cents, a year earlier. Sales decreased 2.7% to $1.2 billion because the company operated fewer stores in the quarter.

Advertisement
Los Angeles Times Articles
|
|
|