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Qualcomm Reports Earnings, Sets Microchip Shipment Record for the Q1

Qualcomm Inc. reported Jan. 23 that it earned $767 million, or 46 cents per diluted share, on revenue of $2.44 billion during the quarter ended Dec. 30.

In the year-ago quarter, the company reported net income of $648 million, or 38 cents per diluted share, on revenue of $2.01 billion.

Qualcomm trades on the Nasdaq as QCOM. Shares closed Jan. 23 at $36.63, down 29 cents from the previous day’s close. Qualcomm disclosed earnings after the stock market had closed for the day.

Company Chief Executive Paul Jacobs called the quarter a strong one, adding that demand for devices, applications and services based on CDMA technology continues to accelerate around the world. CDMA, Qualcomm’s specialty technology, stands for Code Division Multiple Access.

Microchip shipments set a record during the quarter, Jacobs said.

The company counts the December quarter as the first quarter of its fiscal year. For the entire fiscal year, Qualcomm forecast revenue in the range of $9.6 billion to $10 billion. That represents an 8 percent to 13 percent increase over fiscal 2007.

Net income for fiscal 2008, using generally accepted accounting principles, was forecast at $1.63 per share to $1.73 per share. That represents a decrease of 11 percent to 14 percent from the $1.95 per share earned in fiscal 2007.

The company forecast losing 12 cents per share on its Qualcomm Strategic Initiatives segment during the 2008 fiscal year.

It lost 8 cents per share in 2007.

The unit includes Qualcomm’s investments in CDMA-based businesses all over the world.

It also includes the company’s nascent television-over-cell-phone business in the United States, called MediaFLO USA.

Qualcomm is one of three Fortune 500 companies headquartered in San Diego. It is the largest public company in terms of market capitalization. Qualcomm’s market capitalization stood at roughly $60 billion on Jan. 23.

, Brad Graves

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