QUALCOMM Incorporated Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 27, 2015; Provides Earnings Guidance for the Second Quarter of Fiscal 2016 and Revised Tax Rate Guidance for Full Fiscal 2016; Reports Indefinite and Long-Lived Asset Impairment Charges for the First Quarter Ended December 27, 2015
January 28, 2016 at 02:37 am IST
Share
QUALCOMM Incorporated reported unaudited consolidated earnings results for the first quarter ended December 27, 2015. For the quarter, the company reported total revenues of $5,775 million against $7,099 million a year ago. Operating income was $1,685 million against $2,064 million a year ago. Income from continuing operations before income taxes was $1,710 million against $2,298 million a year ago. Net income was $1,496 million against $1,971 million a year ago. Net income attributable to the company was $1,498 million or $0.99 per diluted share against $1,972 million or $1.17 per diluted share a year ago. Net cash provided by operating activities was $2,739 million against $2,364 million a year ago. Capital expenditures were $128 million against $253 million a year ago. Non-GAAP Revenues were $5.8 billion compared to $7.1 billion a year ago. Non-GAAP operating income was $1.7 billion compared to $2.5 billion for the same period a year ago. Non-GAAP net income was $1.5 billion compared to $2.3 billion for the same period a year ago. Non-GAAP diluted earnings per share were $0.97 compared to $1.34 for the same period a year ago.
For the second quarter of fiscal year 2016, the company expects revenues of $4.9 billion to $5.7 billion. Non-GAAP diluted earnings per share are expected to be $0.90 to $1.00. GAAP diluted EPS is expected to be $0.69 to $0.79.
The company estimated fiscal 2016 non-GAAP tax rate will be approximately 18%, including the impact of the permanently reinstated R&D tax credit, down from the previous estimate of 19% to 20%. GAAP tax rate will be 17%.
For the first quarter, the company reported indefinite and long-lived asset impairment charges of $2 million against $75 million a year ago.
Qualcomm, Inc. specializes in the design, development, and marketing of CMDA systems and software. The CDMA technique consists of using a broad spectrum to broadcast code transmissions on numerous mobile communication frequencies. Net sales break down by activity as follows:
- sale of communication systems (83.8%): CDMA systems (integrated circuits, software and systems for wireless voice and data transmission, as well as multimedia functions), and wireless communication and Internet access systems (products intended for data transmission, satellite communications, decrypting activities, etc.);
- sale of licenses (16.2%): intended for manufacturers using CDMA technologies.
Net sales are distributed geographically as follows: the United States (3.3%), China and Hong Kong (63.6%), Vietnam (13.7%), South Korea (7.2%) and other (12.2%).
QUALCOMM Incorporated Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 27, 2015; Provides Earnings Guidance for the Second Quarter of Fiscal 2016 and Revised Tax Rate Guidance for Full Fiscal 2016; Reports Indefinite and Long-Lived Asset Impairment Charges for the First Quarter Ended December 27, 2015