Qualcomm met Wall Street expectations for revenue in the March-ending quarter, but its earnings forecast for the June-ending quarter and for the year fell short of some analysts' estimates. "You're seeing revenue upside but not the earnings upside you'd want to come with it," Bernstein's Stacy Rasgon said. "Whether it's because of competition or they're investing to stop competition, either way -- it can lead to margin decline."

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