Tuesday, July 21, 2009

Qualcomm Posts Revenue of $2.75 Billion

Qualcomm reported revenue of $2.75 billion for its third quarter of fiscal 2009 ended June 28, 2009, compared to $2.76 billion in the prior year and $2.46 billion in the prior quarter. Net income was $737 million, compared to $748 million in the prior year and a net loss of $289 million in the prior quarter.

"We delivered a strong quarter as the worldwide migration to 3G-enabled products and services remains robust," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "Our revenues were at the high end of our prior guidance, and our operating income exceeded our prior guidance. Our financial results reflect a record quarter for MSM chipset shipments, strong licensing and royalty revenues based on healthy end market demand in the March quarter and a 5 percent year-over-year reduction in combined R&D and SG&A expenses."

"Despite the global economic uncertainty, we anticipate another strong quarter for our chipset shipments in the fourth fiscal quarter. We believe the CDMA inventory channel has largely stabilized, yet remains near historically low levels consistent with our prior forecast. We are raising our fiscal 2009 revenue and operating income estimates given the strong underlying fundamentals of our business."http://www.qualcomm.com

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