SAN DIEGO (AP) - Investors will be looking for Qualcomm Inc. to finally give them something to cheer about when the wireless technology bellwether reports fiscal third-quarter results after Wednesday's market close.
Qualcomm's shares closed Tuesday at $36.75, down 25 percent from a 52-week high of $48.99 on Jan. 8, even as consumers snap up smart phones that rely on its technology. The company, which makes phone chips and licenses its patented technology to other companies, has disappointed investors two straight quarters, with falling prices overshadowing growth of third-generation networks in China and elsewhere.
Investors will be looking for signs that phone prices have hit bottom. The average wholesale price slid to $192 earlier this year from $205 last year.
Investors surveyed by Thomson Reuters expect Qualcomm will earn 54 cents a share, excluding certain items, and post revenue of $2.63 billion.