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Qualcomm Posts Record Quarter, up 14% Sequentially
Qualcomm reported record quarterly revenue of $4.68 billion, up 40 percent year-over-year and 14 percent sequentially. Net income was $1.40 billion, up 20 percent y-o-y and 33 percent sequentially. Diluted earnings per share were $0.81, up 14 percent y-o-y and 31 percent sequentially.
"I am pleased to report another record quarter with revenues, earnings and MSM shipments reaching all-time highs, driven by our industry-leading chipset portfolio and the continued strong demand for smartphones around the world," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012. We continue to invest in innovative wireless technologies, products and services, and we are excited about the opportunities ahead as 3G and 4G continue to expand across new device types and geographies."
The y-o-y comparisons include the results of Qualcomm Atheros, which was acquired on May 24, 2011. Gains from Qualcomm's sale of substantially all of its 700 MHz spectrum for $1.9 billion will be reported in the next quarterly report.
Some notes:
MSM shipments reached 156 million units, up 32 percent y-o-y and 23 percent sequentially.
September quarter total reported device sales reached approximately $41.4 billion, up 22 percent y-o-y and 6 percent sequentially.
September quarter estimated 3G/4G device shipments were approximately 191 to 195 million units, at an estimated average selling price of approximately $212 to $218 per unit.
Qualcomm is currently holding approximately $22.0 billion in cash equivalents and marketable securities. Of this, approximately $15.9 billion is overseas. ...
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Semtech to Acquire Gennum
Semtech, which supplies analog and mixed-signal semiconductors, agreed to acquire Gennum Corp., a supplier of high speed analog and mixed signal solutions the optical market, for approximately CDN$500 million (approximately US$494 million).
Gennum offers optical, analog and mixed-signal solutions supporting high-definition (HD) video, Fibre Channel, InfiniBand, Ethernet, SONET and PCI Express. The company had 2010 revenue of US$128 million. It was founded in 1973 and is headquartered in Burlington, Ontario, Canada. Gennum has approximately 450 employees, including more than 240 engineers, and has offices in Canada, Germany, India, Japan, Mexico, Taiwan, the United Kingdom and the United States.
Semtech said the acquisition will extend its portfolio of infrastructure products to the metro, access and enterprise computing markets.
"We believe Gennum's unique signal integrity solutions and highly differentiated 1 Gbps to 25 Gbps optical products combined with Semtech's leading 40 Gbps and 100 Gbps SerDes portfolio will deliver one of the industry's most complete and robust portfolios to the communications infrastructure, data communications and enterprise computing segments. Additionally, Gennum's strong position in video broadcast and the emerging HD video surveillance market broadens and further diversifies Semtech's portfolio of high-performance analog semiconductors targeted at fast growing markets," stated Mohan Maheswaran, President and Chief Executive Officer of Semtech. ...
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