Qualcomm Reports Q1

Revenue was $2.67B, up 6% year-over-year and down 1% sequentially

January 27, 2010

2 Min Read

SAN DIEGO -- Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the first quarter of fiscal 2010 ended December 27, 2009.

"We are pleased with our performance this quarter, driven by healthy demand for our chipsets, strong shipments of 3G devices by our licensees and lower operating expenses. We're executing on our strategic objectives and reaffirming our 2010 3G device forecast, an increase of 21 percent year-over-year," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "I am very encouraged by customer traction around Qualcomm technologies, including recent device announcements based on our industry-leading Snapdragon™ chipset and increased adoption of our Brew Mobile Platform™ operating system. As anticipated, we have seen a competitive pricing environment in the chipset market and are proactively managing within this dynamic to grow our market share. A subdued economic recovery in developed regions, including Europe and Japan, combined with relative strength at the lower end of the market, is changing our estimated 3G device average selling price and chipset mix for this fiscal year. Accordingly, we are modestly reducing our fiscal year revenue estimates to reflect this near-term market situation, but are maintaining our earnings per share guidance."

"The fundamental drivers of our business remain strong. We are confident that 3G will continue to develop as anticipated, and we continue to invest in innovative new products, such as Snapdragon, FLO TV™, mirasol™ and next-generation technologies, to enhance our leadership position and capitalize on this growth."

First Quarter Results (GAAP)

  • Revenues: $2.67 billion, up 6 percent year-over-year and down 1 percent sequentially.

  • Operating income: $879 million, up 18 percent year-over-year and 47 percent sequentially.

  • Net income: $841 million, up 147 percent year-over-year and 5 percent sequentially.

  • Diluted earnings per share: $0.50, up 150 percent year-over-year and 4 percent sequentially.

  • Effective tax rate: 20 percent for the quarter. Fiscal 2010 estimated tax rate of approximately 21 percent.

  • Operating cash flow: $1.24 billion, down 65 percent year-over-year; 46 percent of revenues.

  • Return of capital to stockholders: $284 million, or $0.17 per share, of cash dividends paid.

Qualcomm Inc. (Nasdaq: QCOM)

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