Earnings Bonanza: Tech Weekly Recap

Qualcomm(QCOM) missed third-quarter earnings and lowered guidance, but investors responded positively, sending shares higher as it looks like the company is finally able to meet demand.

The San Diego-based firm reported third-quarter earnings of 85 cents a share on $4.63 billion in revenue. Analysts polled by Thomson Reuters expected the semiconductor company to generate a profit of 86 cents per share on $4.68 billion in revenue.

Qualcomm also lowered its fourth-quarter guidance. It now expects non-GAAP earnings of 78 to 84 cents a share on revenue of $4.45 billion to $4.85 billion. Wall Street's current consensus view is for a profit of 89 cents a share in the September-ended period on revenue of $4.89 billion. Qualcomm now expects between 875 million and 935 million 3G/4G devices will ship, up 14% year-over-year.

Despite the earnings disappointment, Qualcomm shares jumped 4.91% for the week to wind up at $57.68.

Online retailing giant eBay(EBAY) blew past earnings expectations, led by strength its in PayPal and Marketplaces division.

eBay reported second-quarter earnings of 56 cents a share on $3.39 billion in revenue. PayPal revenue rose 26% year-over-year to $1.357 billion, as the mobile payment story continues to play out.

Analysts polled by Thomson Reuters were looking for 55 cents a share in earnings on $3.41 billion in revenue.

eBay provided third-quarter and full-year guidance largely in line with analysts' forecasts. The company expects non-GAAP earnings for the third-quarter of 53 to 55 cents a share. Revenues are expected to be within a range of $3.3 billion to $3.4 billion. Analysts polled by Thomson Reuters are currently looking for a profit of 55 cents a share on $3.4 billion in revenue.

Shares of eBay surged this week, gaining 12.27% to close at $44.85.

IBM also reported quarterly results on Wednesday, raising its full-year earnings guidance past Wall Streets' expectations.