Qualcomm Earns $1.01, Lowers Guidance, Shares Tank 7%

QUALCOMM, Inc. (NASDAQ:QCOMM) has reported its earnings for the quarter leading up to March today. The reported earnings per share stood at $1.01 on revenues the company took in of $4.94 Billion. The company has been on an excellent run as of late beating rivals, most notably Intel, into the mobile device market by providing a product more suited to the needs of its customers. The company is benefiting from the huge growth in the smart phone and tablet markets leaving it in a prime legacy position to defend its lead. Analysts had expected the firm to perform well in the…