Wireless chip and technology supplier Qualcomm Inc
annual revenue target that missed Wall Street estimates, but its shares rose slightly in late trade after falling more than 9 percent in recent weeks.
Qualcomm forecast full-year revenue of $10.5 billion to $11.3 billion, below Wall Street expectations for revenue of $11.61 billion, according to Thomson Reuters I/B/E/S.
Its net profit fell to $803 million, or 48 cents per share for the fiscal fourth quarter ended September 27, from $878 million, or 52 cents per share in the year-ago quarter.
Revenue fell to $2.69 billion in the fourth quarter from $3.34 billion a year ago, when it reported a $560 million payment from Nokia
Qualcomm's shares had closed at $41.60 on Nasdaq. Qualcomm shares had already fallen more than 9 percent since late September on concerns about its outlook.
(Reporting by Sinead Carew; editing by Carol Bishopric)