Qualcomm Inc., the wireless technology specialist and chip maker that is attempting to remake itself and boost shareholder value, reported net income of $1.1 billion on revenue of $5.5 billion during its fourth quarter.
Net income was down 44 percent from $1.9 billion in the fourth quarter of 2014. Revenue was down 18 percent from revenue of $6.7 billion in the fourth quarter of last year. The quarter ended Sept. 27.
Qualcomm (Nasdaq: QCOM) reported its financial results Nov. 4.
Annual net income slipped 34 percent from the prior year. Qualcomm reported net income of $5.3 billion on revenue of $25.3 billion in the just-ended fiscal year. In fiscal 2014, Qualcomm reported net income of $8.0 billion on revenue of $26.5 billion.
Qualcomm said it would no longer offer an annual forecast of its financial results, but it did offer a forecast for the current, first quarter. Results will be down from the previous year.
It predicted non-GAAP earnings in the range of 80 cents to 90 cents per share. The company forecasted revenue in the range of $5.2 billion to $6.0 billion for the current quarter, which ends next month. Last year’s first quarter produced non-GAAP earnings of $1.34 per share on revenue of $7.1 billion.
The term GAAP refers to generally accepted accounting principles. Non-GAAP financial results exclude certain items, including share-based compensation and the financial results of Qualcomm’s investment arm.
The just-completed year saw Qualcomm take a $975 million charge to cover a fine imposed by Chinese regulators, and some $190 million in charges related to the company’s current restructuring push. Qualcomm’s operating cash flow was also affected by a $950 payment to buy long-term capacity at a supplier of its integrated circuit products.