Qualcomm Inc. shares edged up in the extended session Wednesday after the chip maker announced a realignment plan and earnings topped Wall Street estimates for the quarter. Qualcomm shares advanced 0.6% to $64.70 on heavy volume. The company reported adjusted fiscal third-quarter earnings of 99 cents a share on revenue of $5.8 billion. Analysts surveyed by FactSet had forecast 95 cents a share on revenue of $5.84 billion. Qualcomm expects fiscal fourth-quarter earnings of $1.11 a share on revenue of $6.7 billion. Analysts expect $1.08 a share on revenue of $6.13 billion. Qualcomm said it plans to cut annual costs by $1.1 billion and reduce its workforce by an unspecified amount.
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