Tuesday, January 31, 2012

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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