Qualcomm Announces First Quarter Fiscal 2015 Results

Revenues $7.1 billion

(PRNewswire) — Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the first quarter of fiscal 2015 ended December 28, 2014.

"We delivered a strong quarter, achieving record quarterly revenues and Non-GAAP operating income, and we also are very pleased to have resolved our previously disclosed dispute with a licensee in China," said Steve Mollenkopf, CEO of Qualcomm Incorporated. "Looking ahead, we have lowered our revenue outlook for our semiconductor business for the second half of the fiscal year and lowered our EPS expectations. These changes reflect our revised expectations related to OEM mix, sales to a large customer and heightened competition in China."



First Quarter Results (GAAP)*












Q1 Fiscal
2015


Q1 Fiscal
2014


Year-Over-
Year
Change


Q4 Fiscal
2014


Sequential
Change

Revenues 1

$7.1B


$6.6B


+7%


$6.7B


+6%

Operating income 1

$2.1B


$1.5B


+38%


$2.0B


+4%

Net income 2

$2.0B


$1.9B


+5%


$1.9B


+4%

Diluted earnings per share 2

$1.17


$1.09


+7%


$1.11


+5%

Operating cash flow

$2.4B


$2.8B


(15%)


$1.6B


+46%











1 Throughout this news release, revenues, operating expenses, operating income, earnings before tax (EBT) and effective tax rates are from continuing operations (i.e., before adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

2 Throughout this news release, net income and diluted earnings per share are attributable to Qualcomm (i.e., after adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.



Non-GAAP First Quarter Results*












Q1 Fiscal
2015


Q1 Fiscal
2014


Year-Over-
Year
Change


Q4 Fiscal
2014


Sequential
Change

Revenues

$7.1B


$6.6B


+7%


$6.7B


+6%

Operating income

$2.5B


$1.8B


+37%


$2.3B


+9%

Net income

$2.3B


$2.2B


+5%


$2.1B


+6%

Diluted earnings per share

$1.34


$1.26


+6%


$1.26


+6%


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