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Earnings Results: Qualcomm earnings show weak forecast amid massive fines, tax charge

Qualcomm Inc. managed to beat expectations with its earnings Wednesday, but the chip maker’s outlook came up short and caused some concerns about Apple Inc.’s iPhone sales.

Qualcomm QCOM, +1.88% shares shifted between slight gains and losses in after hours trading following the release of the report. Shares closed the regular session Wednesday up 1.9% and are up 6.6% for the year. In comparison, the PHLX Semiconductor Index SOX, +0.82% is up 8.7% and the S&P 500 index SPX, +0.05% is up 5.6% this year.

The company reported a fiscal first-quarter net loss of $5.95 billion, or $4.03 a share, compared with net income of $682 million, or 46 cents a share, in the year-ago period.

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