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WSJ report on QCOM earnings.
January 19, 1999
Tech Center
Qualcomm Says Net Income
Jumped 32% in First Quarter
Dow Jones Newswires
Wireless-communications technology firm Qualcomm Inc.
said Tuesday net income for the first quarter surged 32%
on a nearly 20% gain in revenue. The results surpassed
estimates.
For the three-month fiscal period ended Dec. 27,
Qualcomm reported net income of $48.5 million, or 65
cents a diluted share, compared with $36.8 million, or 50
cents a share, in the year-earlier period.
Analysts surveyed by First Call expected net income of 60
cents per share.
Revenue at the San Diego-based company jumped to
$941.2 million from $785.9 million.
Qualcomm is a pioneer in developing devices using code
division multiple access, or CDMA,
wireless-communications technology. Qualcomm said it
shipped 1.6 million CDMA phones in the quarter.
The company said its first-quarter communications systems
revenues rose to $817 million from $677 million a year
ago. Contract services revenues rose to $80 million in the
latest first quarter from $64 million a year ago.
Qualcomm said first-quarter operating expenses, including
research and development, selling and marketing and
general and administrative, increased to $221 million from
$179 million in the year-ago quarter, but held constant at
23% of total revenue.
The company's first-quarter operating profits rose 47% to
$78 million from $53 million last year, which it attributed
to higher revenue and gross profit as a percentage of sales.
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