Sunday, April 26, 2009

Qualcomm Posts Revenues $2.5 Billion

A day after announcing its settlement with Broadcom, Qualcomm reported quarterly revenue of $2.46 billion, compared to $2.61 billion in the prior year and $2.52 billion in the prior quarter.
While the quarterly revenues were at the high end of prior guidance, strong operating results were offset by costs related to a settlement and patent agreement with Broadcom. In addition, results for the quarter were adversely impacted by other-than-temporary impairments to marketable securities.

There was a net loss of $289 million, compared to net income of $766 million in the prior year and $341 million in the prior quarter. Diluted loss per share of $0.18, compared to diluted earnings per share (EPS) of $0.47 in the prior year and $0.20 in the prior quarter.

"Global demand for 3G-enabled products and services remains strong despite the current economic environment," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "While the business environment remains uncertain and the continued distress in global financial markets resulted in additional impairments to our marketable securities, we believe the CDMA inventory channel has stabilized, and we are seeing some replenishment of products driven primarily by emerging markets. We continue to grow key research and development programs to further our technology leadership and drive future growth, while closely managing SG&A expenses. Demand for CDMA-based products and services remains healthy, and our calendar year 2009 device shipment estimate remains unchanged."