Qualcomm Inc. (QCOM) Is Up After Better Than Expected Q3 Profit

Qualcomm Inc. (QCOM) reported third quarter EPS of $1.01 after the close Wednesday, which surpassed the consensus estimate of $0.71.

The company also announced that it will abandon its bid to acquire NXP Semiconductors (NXPI). “We intend to terminate our purchase agreement to acquire NXP when the agreement expires at the end of the day today, pending any new material developments,” said CEO Steve Mollenkopf.

Qualcomm traded in a range throughout Wednesday’s session and closed up by 0.57 at $59.42. The stock is now up 2.58 on 99K shares after the bell.

by RTTNews Staff Writer

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