EARNINGS ROUNDUP / QUALCOMM

Chip maker Qualcomm Inc. slashed its forecasts for revenue and earnings as it reported its fiscal first-quarter profit plunged 56%.

The company said the global economic slowdown and financial crisis had slowed demand for its chips, which run many of the world’s mobile phones. It said its financial investments had also taken a significant hit.

The San Diego company lowered its estimate for 2009 operating income to a range of $2.2 billion to $2.5 billion, from a range of $2.6 billion to $2.8 billion.

It now expects 2009 revenue between $9.3 billion and $9.8 billion, down from its previous estimate of between $10.2 billion and $10.8 billion, and below the estimate of $10.23 billion from analysts polled by Thomson Reuters.

During the three-month period ended Dec. 28, the company earned $341 million, or 20 cents a share, compared with a profit of $767 million, or 46 cents, a year earlier. Revenue rose 3.2% to $2.52 billion.

The results were released after markets closed. During regular trading, its shares rose $1.19 to $36.82. They fell $1.97, or 5.4%, to $34.85 after hours.