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Qualcomm announces first quarter fiscal 2010 results |
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Qualcomm, which develops and innovates on wireless technologies, products and services, has announced its financial results for the first quarter of fiscal 2010 ended December 27, 2009.
Qualcomm's first quarter revenues were $2.67 billion, 6 percent higher year-on-year, though down 1 percent sequentially. Operating income was $879 million, up 18 percent year-on-year and 47 percent sequentially. Net income was $841 million, up 147 percent year-on-year and 5 percent sequentially. The company reported diluted earnings per share: $0.50, up 150 percent year-on-year and 4 percent sequentially. Its effective tax rate was 20 percent for the quarter, and it estimates tits fiscal 2010 tax rate at approximately 21 percent. Operating cash flow was $1.24 billion, down by 65 percent year-on-year, at 46 percent of revenues. It returned: $284 million in capital to stockholders, or $0.17 per share, of cash dividends paid.
Dr. Paul E Jacobs, chairman and CEO of Qualcomm said performance for the quarter was driven by "healthy demand" for the company's chipsets, strong shipments of 3G devices by licensees and lower operating expenses. He reaffirmed Qualcomm's 2010 3G device forecast, "an increase of 21 percent year-over-year." "The fundamental drivers of our business remain strong. We are confident that 3G will continue to develop as anticipated, and we continue to invest in innovative new products, such as Snapdragon, FLO TV, mirasol and next-generation technologies, to enhance our leadership position and capitalize on this growth." He said customer traction around Qualcomm technologies, including device announcements based on Qualcomm's Snapdragon chipset and Brew Mobile Platform operating system, was gaining.
Qualcomm's cash, cash equivalents and marketable securities totaled approximately $18.9 billion at the end of the first quarter of fiscal 2010, as compared to $17.7 billion at the end of the fourth quarter of fiscal 2009 and $13.1 billion from a year ago. On January 7, 2010, Qualcomm announced a cash dividend of $0.17 per share payable on March 26, 2010 to stockholders of record as of February 26, 2010. |
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