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Thursday, January 31, 2013

Qualcomm quarterly results show profits up 36%

Mobile technology business Qualcomm has announced results for the first quarter of its financial year. Revenue was up 29% year-on-year to $6.02 billion, while net income rose by 36% to $1.91 billion.

Shipments of Qualcomm’s MSM (Mobile Station Modem) chips for smart devices were up 17% year-on-year to 182 million units.

Dr Paul Jacobs, chairman and CEO of Qualcomm, said “We are pleased to report record quarterly revenues, Non-GAAP EPS and MSM chip
shipments, driven by the growing global demand for smartphones and our industry-leading portfolio of 3G/LTE chipsets. Our broad licensing partnerships and extensive chipset roadmap, including our recently announced best-in-class Qualcomm Snapdragon 800 and 600 processors, position us well for strong growth, and we are pleased to be raising our revenue and earnings guidance for fiscal 2013.”

The company also announced that Bill Keitel would be retiring as Qualcomm executive vice president and chief financial officer in March. He’ll be replaced by George Davis, who’s currently executive vice president and CFO of Applied Materials.

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