Wednesday, November 5, 2008

Qualcomm Posts Quarterly Revenue of $3.33 billion, up 45% Year-over-Year

Qualcomm reported quarterly revenue of $3.33 billion, up 45 percent year-over-year and up 21 percent sequentially. Net income was $878 million, down 22 percent year-over-year and up 17 percent sequentially. Diluted earnings per share were $0.52, down 22 percent year-over-year and up 16 percent sequentially.

For its full fiscal 2008, Qualcomm posted revenue of $11.14 billion, up 26 percent year-over-year, and net income was $3.16 billion, down 4 percent year-over-year.

"I am very pleased with the performance of our businesses this past year, particularly the strong execution of our chipset business and our successful settlement with Nokia. While we continue to see strong growth in 3G CDMA, the current macroeconomic conditions and potential for further economic slowdown creates an uncertain business environment for the next few quarters," said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. "As a result of the credit crisis and the economic uncertainty, our guidance reflects slower end- market device growth for 2009 than previously anticipated and a significant contraction in channel inventory in the first and second fiscal quarters. While we are estimating strong growth for CDMA-based devices in calendar year 2009, driven by a shift to emerging markets, this growth is meaningfully less than we would have forecast just a few weeks ago."

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