QUALCOMM Inc QCOM Shares traded lower in Wednesday’s after-hours session after the company reported financial results and issued guidance below analysts’ estimates.

Qualcomm said that revenue for the fiscal fourth quarter rose 22% year over year to $11.39 billion, beating the average analyst estimate of $11.37 billion Gasoline Pro.

The company reported quarterly earnings of $3.13 per share, in line with median estimates.

“We are pleased to report another strong year despite the macroeconomic challenges as we continue to execute on our strategy of transforming Qualcomm from a wireless communications company serving the mobile industry into a connected processors company for the intelligent edge,” said he Cristiano AmonPresident and CEO of Qualcomm.

“While our financial prospects are temporarily impacted by increased channel inventories, our diversification strategy and long-term opportunity remain unchanged.”

Qualcomm expects revenue of between $9.2 billion and $10 billion for the first quarter versus median estimates of $12.02 billion. The company expects adjusted earnings per share to be between $2.25 and $2.45 for the first quarter versus median estimates of $3.42 per share.

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QCOM Price Promotion: Qualcomm has a 52-week high of $193.58 and a 52-week low of $104.66.

The stock fell 6.7% after the close of business to $105 at the time of publication.

Photo: courtesy of Qualcomm.