QUALCOMM INC/DE Quarterly Report for Q2 Ended Mar 30, 2014

Summary

Qualcomm Inc. (QCOM) reported strong performance for the fiscal second quarter ending March 30, 2014. Total revenues increased to $6.37 billion, up from $6.12 billion in the prior year's quarter, driven by growth in both its Equipment and Services (QCT) and Technology Licensing (QTL) segments. Net income attributable to Qualcomm rose to $1.96 billion, or $1.14 per diluted share, compared to $1.86 billion, or $1.06 per diluted share, in the same period last year. The company highlighted increased shipments of its MSM integrated circuits and a rise in reported device sales, reflecting continued global demand for 3G and 4G wireless devices. Qualcomm also announced a 20% increase in its quarterly dividend and a significant expansion of its stock repurchase program, signaling confidence in its financial position and commitment to returning capital to shareholders. Despite facing ongoing litigation and regulatory investigations, the company's core business demonstrated resilience and growth.

Key Highlights

• 1Total revenues for the quarter were $6.37 billion, a 3.8% increase year-over-year.
• 2Net income attributable to Qualcomm was $1.96 billion, or $1.14 per diluted share, up from $1.86 billion, or $1.06 per diluted share, in the prior year.
• 3The QCT segment, driven by MSM chip shipments, showed revenue growth, with 188 million units shipped, a 9% increase year-over-year.
• 4The QTL segment also saw a revenue increase, reflecting continued licensing of Qualcomm's intellectual property.
• 5The company announced a 20% increase in its quarterly dividend to $0.42 per share.
• 6Qualcomm authorized a new stock repurchase program of up to $7.8 billion, indicating a strong commitment to shareholder returns.
• 7Cash and cash equivalents and marketable securities stood at $32.1 billion, demonstrating robust liquidity.

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