Qualcomm says profit for Q4 nearly doubles

Qualcomm reported that its fiscal fourth-quarter earnings nearly doubled on demand for chips that power high-end moible phones, but its estimate of first-quarter profit was on the low end of Wall Street's expectations, an Associated Press report said.

The Associated Press report also said shares of Qualcomm tumbled 3.5%, or $1.43, to $39.76 on the Nasdaq Stock Market, then plunged another $2.86 after hours.

Qualcomm projected first-quarter revenue between $2.3 billion and $2.4 billion, compared to an average analyst estimate of $2.38 billion, the report said.

The soft predictions came despite strong quarterly performance, it said.

Qualcomm earned $1.13 billion, during the three-month period ended September 30, up from $614 million, in the same period last year, the report added.

Revenue grew 15 % to $2.31 billion from $2 billion, above analyst expectations of $2.26 billion, the report further said.