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.