Qualcomm issues light FQ2 guidance, ups FY14 EPS guidance

|About: Qualcomm Inc. (QCOM)|By:, SA News Editor

Qualcomm (QCOM) expects FQ2 revenue of $6.1B-$6.7B and EPS of $1.15-$1.25, below a consensus of $6.72B and $1.26.

However, the company has slightly upped its FY14 (ends in September) EPS guidance to $5-$5.20 from $4.95-$5.15 (consensus is at $5.09). FY14  revenue guidance is unchanged at $26B-$27.5B (consensus is at $27.06B). The company has been cutting costs under new CFO George S. Davis.

213M MSM baseband and app processor chips were shipped in FQ1, above guidance of 195M-210M. Qualcomm expects to ship 180M-195M in seasonally weak FQ2.

QCOM +2.2% AH. Expectations had fallen in the wake of Apple and Samsung's results/guidance. CC at 4:45PM ET.

FQ1 results, PR