Qualcomm Incorporated Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 25, 2016; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2017; Announces Indefinite and Long-Lived Asset Impairment Charges for the First Quarter Ended December 25, 2016
January 25, 2017 at 04:05 pm EST
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Qualcomm Incorporated announced unaudited consolidated earnings results for the first quarter ended December 25, 2016. For the quarter, the company reported total revenues of $5,999 million against $5,775 million a year ago. Operating income was $778 million against $1,685 million a year ago. Income before income taxes was $870 million against $1,710 million a year ago. Net income attributable to the company was $682 million or $0.46 basic and diluted per share against $1,498 million or $0.99 diluted per share a year ago. Net cash provided by operating activities was $1,379 million against $2,739 million a year ago. Capital expenditures were $129 million against $128 million a year ago. On non-GAAP basis, the company reported revenues of $6.0 billion against $5.8 billion a year ago. Operating income was $2.1 billion against $1.7 billion a year ago. Net income was $1.8 billion or $1.19 diluted per share against $1.5 billion or $0.97 diluted per share a year ago.
The company provided earnings guidance for the second quarter and full year of fiscal 2017. For the quarter, the company expects revenues in the range of $5.5 billion - $6.3 billion, GAAP diluted earnings per share in the range of $0.89 - $0.99, non-GAAP diluted EPS in the range of $1.15 - $1.25 and total reported device sales approximately in the range of $74.0 billion - $82.0 billion.
The company's fiscal 2017 annual effective income tax rates are estimated to be approximately 22% for GAAP and 18% for Non-GAAP.
The company announced indefinite and long-lived asset impairment charges for the first quarter ended December 25, 2016. For the quarter, the company reported $32 million against $2 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 Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 25, 2016; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2017; Announces Indefinite and Long-Lived Asset Impairment Charges for the First Quarter Ended December 25, 2016