Qualcomm, Citrix, Symantec lead tech earnings

Summary:Qualcomm and Citrix are upbeat about their prospects in 2011. Symantec also reported solid results.

Qualcomm led the tech earnings parade Thursday as it delivered better-than-expected results. Citrix and Symantec also delivered strong financials.

The wireless chip maker reported first quarter earnings of $1.17 billion, or 71 cents a share, on revenue of $3.35 billion, up 25 percent from a year ago. Non-GAAP earnings were 82 cents a share, four cents better than estimates.

As for the outlook, Qualcomm boosted its second quarter guidance. The company projected non-GAAP earnings of 77 cents a share to 81 cents a share on revenue of $3.45 billion to $3.75 billion. Wall Street was looking for earnings of 76 cents a share on revenue of $3.44 billion.

For 2011, Qualcomm is projecting non-GAAP earnings of $2.91 a share to $3.05 a share on revenue of $13.6 billion to $14.2 billion.

Among other key tech earnings:

  • Citrix reported fourth quarter earnings of $49 million, or 49 cents a share, on revenue of $530 million, up 17 percent from a year ago. No-GAAP earnings were 65 cents a share, a nickel better than Wall Street estimates. For 2010, Citrix reported earnings of $277 million, or $1.46 a share, on revenue of $1.87 billion. Citrix projected a big year for 2011. The company said revenue will be $2.10 billion to $2.14 billion and non-GAAP earnings will be $2.29 a share to $2.33 a share. That projection is ahead of the $2.28 earnings per share on revenue of $2.06 billion Wall Street expected. First quarter non-GAAP earnings are expected to be 40 cents a share to 41 cents a share.
  • Symantec reported fiscal third quarter earnings of $132 million, or 17 cents a share, on revenue of $1.6 billion. Non-GAAP earnings were 35 cents a share. Wall Street was expecting earnings of 33 cents a share on revenue of $1.58 billion. The company saw solid results in its consumer, backup and data loss prevention businesses. Meanwhile, Symantec's storage management business---the problem child of the company---was stable. Symantec projected fourth quarter earnings between 15 cents a share and 16 cents a share. Non-GAAP earnings were projected to be 35 cents a share and 36 cents a share. Revenue will be $1.58 billion to $1.6 billion in the fourth quarter. Those projections are in line with expectations.

Topics: Banking

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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