San Diego Business Journal

Qualcomm Caps Off $19.1B Year; Net Income Hits $6.1B

Friday, November 9, 2012

Qualcomm Inc. reported fourth quarter net income of $1.27 billion, up 20 percent over the prior fiscal year fourth quarter.

Revenue for the quarter that ended Sept. 30 was $4.87 billion, up 18 percent over the same period last year.

For the full fiscal year, Qualcomm said its net income was $6.1 billion, up 43 percent from the prior fiscal year. Revenue was $19.1 billion, up 28 percent from the prior year, making it by far, San Diego’s largest local company measured by sales.

CEO Paul Jacobs said the company delivered record revenues, earnings and chipset shipments driven by the increasing global consumption of wireless data across a diverse range of devices, particularly smartphones.

He forecast double-digit revenue growth in FY 2013.

Specifically, Qualcomm said it expects its annual revenue for the new fiscal year to finish in a range of $23 billion to $24 billion.

As for its diluted per share net income for 2013, the company forecast it would come in between $3.40 to $3.60 per share. That compared with 2012 results which came in at $3.51 per share.

Shares of Qualcomm, under the ticker QCOM on Nasdaq, rose $2.55 Nov. 8 to $60.67, up 4 percent from the prior day’s closing price. Its 52-week range is $51.60 to $68.87.

— Mike Allen