Qualcomm Announces Third Quarter Fiscal 2013 Results

Revenues $6.2 billion

(PRNewswire) —

SAN DIEGO, July 24, 2013 /PRNewswire-FirstCall/ -- Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the third quarter of fiscal 2013 ended June 30, 2013.

"We delivered another strong quarter as our Qualcomm Snapdragon solutions were prominent in a broad set of flagship smartphones, and 3G/4G device average selling prices were stronger than expected. We also focused on return of capital to stockholders and increased our stock repurchases and dividends paid during the quarter," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "This quarter, we continued our technology leadership, with our Snapdragon 800 processor powering the world's first LTE-Advanced smartphone. We see expanding opportunities for growth of 3G/4G devices around the globe, driven by the strong pace of innovation in the industry."

Third Quarter Results (GAAP)*

  • Revenues: 1 $6.24 billion, up 35 percent year-over-year (y-o-y) and 2 percent sequentially.
  • Operating income: 1 $1.68 billion, up 21 percent y-o-y and down 11 percent sequentially.
  • Net income: 2 $1.58 billion, up 31 percent y-o-y and down 15 percent sequentially.
  • Diluted earnings per share: 2 $0.90, up 30 percent y-o-y and down 15 percent sequentially.
  • Effective tax rate: 1 17 percent for the quarter.
  • Operating cash flow: $2.08 billion, up 125 percent y-o-y; 33 percent of revenues.
  • Return of capital to stockholders: $1.64 billion, including $1.04 billion through repurchases of 16.7 million shares of common stock and $604 million, or $0.35 per share, of cash dividends paid.

1 Throughout this news release, fiscal 2012 results for FLO TV are presented as discontinued operations. 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, for fiscal 2012, 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 Third Quarter Results*

Non-GAAP results exclude the QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items and tax items.

  • Revenues: $6.24 billion, up 35 percent y-o-y and 2 percent sequentially.
  • Operating income: $2.04 billion, up 18 percent y-o-y and down 9 percent sequentially.
  • Net income: $1.82 billion, up 23 percent y-o-y and down 12 percent sequentially.
  • Diluted earnings per share: $1.03, up 21 percent y-o-y and down 12 percent sequentially.
  • Effective tax rate: 18 percent for the quarter.
  • Free cash flow (defined as net cash from operating activities less capital expenditures): $1.85 billion, up 181 percent y-o-y; 30 percent of revenues.

Detailed reconciliations between results reported in accordance with generally accepted accounting principles (GAAP) and Non-GAAP results are included within this news release.

*The following should be considered in regards to the year-over-year and sequential comparisons: Third quarter fiscal 2013 GAAP and Non-GAAP results included a $158 million loss, or $0.06 per share, that resulted from an impairment charge on certain long-lived assets related to our QMT division.

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