(Telecompaper) Qualcomm lowered its full-year outlook, citing a loss of customer share, particularly with one large customer, in the premium smartphone market. The chipmaker also announced a major cost review in an aim to shore up its margins. The news came alongside results for its fiscal second quarter to March, showing revenues up 8 percent year-on-year to USD 6.9 billion, in line with the company's outlook. MSM shipments rose 24 percent to 233 million, also as expected. Operating profit fell 33 percent to USD 1.3 billion, and EPS was down 45 percent to USD 0.65, well below Qualcomm's forecast due to a USD 975 million charge for the competition fine received in China. For the full fiscal year, Qualcomm now expects revenues of USD 25.0-27.0 billion, down from an earlier outlook of USD 26.3-28.0 billion and equal to a decrease of up to 6 percent from the previous year. EPS is expected to drop 21-29 percent to USD 3.28-3.68. In addition to lower Snapdragon revenues and a higher share of modems in its sales, Qualcomm expects it will still take time for its sales in China to recover after the competition investigation, as licensees evaluate its new terms agreed with the government there. The outlook does not include the planned takeover of CSR, which is now expected to close towards the end of the summer. Qualcomm also updated its forecast for 3G/4G device shipments this calendar year to reflect higher reporting in the grey market. IT now estimates sales of 1.174-1.190 billion devices, versus earlier guidance of 1.135-1.175 billion. For its fiscal third quarter, Qualcomm forecast revenues down 9-21 percent year-on-year to USD 5.4-6.2 billion, and EPS falling 37-49 percent to USD 0.67-0.82.