(Updates with the stock move and analyst comments in the headline and the last two paragraphs.)
Qualcomm (QCOM) reported fiscal Q3 adjusted net income late Wednesday of $2.77 per diluted share, up from $2.33 a year earlier.
Analysts polled by FactSet expected $2.71.
Revenue for the quarter ended June 29 was $10.37 billion, up from $9.39 billion a year earlier.
Analysts expected $10.34 billion.
For fiscal Q4, the company expects non-GAAP EPS of $2.75 to $2.95 on revenue of $10.3 billion to $11.1 billion.
Analysts are looking for $2.85 and $10.60 billion, respectively.
Qualcomm's sales growth is modest compared with other chipmakers beating estimates, CFRA, an independent research provider, said in a research alert to MTNewswires.com. CFRA also noted the managed disengagement from Apple (AAPL) remains an overhang for Qualcomm despite its strong execution in chip manufacturing and licensing businesses.
Shares of Qualcomm were 5.8% lower in recent premarket activity on Thursday.
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