Qualcomm Incorporated

QUALCOMM Increases Financial Guidance for the Third Fiscal Quarter of 2006

    San Diego (ots/PRNewswire) -

    QUALCOMM Incorporated (Nasdaq: QCOM) today updated its financial guidance for the third fiscal quarter ending June 25, 2006.

    QUALCOMM is hosting its analyst meeting for institutional investors and equity analysts on May 4, 2006 in New York, NY. The meeting will be simulcast on the Company's website at www.qualcomm.com. Executive presentations will begin at 9:00 am EDT and will conclude at 1:00 pm EDT.

    The following statements are forward looking and actual results may differ materially. Please see "Note Regarding Forward-Looking Statements" at the end of this news release for a description of certain risk factors and QUALCOMM's annual and quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of risks.

    Pro Forma Defined

    Pro forma results and guidance exclude the QUALCOMM Strategic Initiatives (QSI) segment, estimated share-based compensation, tax benefits related to prior years and acquired in-process research and development (R&D) expense, when applicable.

    Third Fiscal Quarter Business Outlook

    Based on the current business outlook, we now anticipate third fiscal quarter QUALCOMM pro forma revenues to be at or slightly above the high end of prior guidance of approximately US$1.77 to US$1.87 billion. We now anticipate third fiscal quarter QUALCOMM pro forma diluted earnings per share to be approximately US$0.38 to US$0.40, compared to US$0.28 in the year ago quarter. This estimate is based on the shipment of approximately 53 to 56 million Mobile Station Modem (MSM) chips during the quarter compared to approximately 36 million in the year ago quarter and approximately 49 million in the prior quarter. We previously anticipated third fiscal quarter QUALCOMM pro forma diluted earnings per share of approximately US$0.36 to US$0.38 and estimated shipments of approximately 50 to 53 million MSM chips.

    "The increase in our guidance reflects stronger than expected new orders for our very low-tier chipsets as well as increased demand for 1xEV-DO chipsets," said Dr. Paul E. Jacobs, CEO of QUALCOMM. "The breadth of our segmented chipset offerings is unsurpassed in the industry and clearly demonstrates the level of innovation and execution we have achieved as a result of our significant research and development investments."

    The following table summarizes total QUALCOMM (GAAP) and QUALCOMM pro forma guidance for the third fiscal quarter of 2006 based on the current business outlook. Total QUALCOMM (GAAP) guidance for the third fiscal quarter of 2006 includes approximately US$0.05 diluted loss per share related to estimated share-based compensation. Estimated share-based compensation in future periods may vary materially from the business outlook as the methodology used to calculate this estimate is dependent on a variety of assumptions which are subject to market fluctuations and other factors.

    Due to their nature, certain income and expense items such as realized investment gains or losses in QSI, gains and losses on certain derivative instruments or asset impairments, cannot be accurately forecast. Accordingly, the Company excludes forecasts of such items from its business outlook, and actual results may vary materially from the business outlook if the Company incurs any such income or expense items.

    The following estimates are approximations and are based on the current business outlook:

@@start.t1@@      (All Figures Shown are in US$)
                                                    Business Outlook Summary
      THIRD QUARTER
                                                        Prior Guidance            Current Guidance
                                        Q3'05                 Q3'06                            Q3'06
                                    Results            Estimates                        Estimates
      QUALCOMM
        Pro Forma
      Revenues                  $1.36B        $1.77B - $1.87B      At or slightly above
                                                                                              the high end of
                                                                                                prior guidance
      Year-over-year
        change                                 increase 30% - 38%
      Diluted earnings
        per share
        (EPS)                        $0.28          $0.36 - $0.38                 $0.38 - $0.40
      Year-over-year
        change                                 increase 29% - 36%         increase 36% - 43%
      Total QUALCOMM
        (GAAP)
      Revenues                  $1.36B        $1.77B - $1.87B      At or slightly above
                                                                                              the high end of
                                                                                                prior guidance
      Year-over-year
        change                                 increase 30% - 38%
      Diluted earnings
        per share
        (EPS)                        $0.33          $0.30 - $0.32                 $0.32 - $0.34
      Year-over-year
        change                                    decrease 3% - 9%                 decrease 3% -
                                                                                                  increase 3%
      Diluted EPS
        attributable
        to QSI                      $0.05                    ($0.01)                          ($0.01)
      Diluted EPS
        attributable
        to estimated
        share-based
        compensation                n/a                    ($0.05)                          ($0.05)
      EPS attributable
        to tax benefit
        related to
        prior years              $0.01                          n/a                                 n/a
      Metrics
      MSM Shipments  approx. 36M    approx. 50M - 53M          approx. 53M - 56M
      CDMA/WCDMA
        handset
        units
        shipped         approx. 43M(a) approx. 62M - 64M(a)      approx. 62M - 64M(a)
      CDMA/WCDMA
        handset
        unit wholesale
        average
        selling
        price          approx. $231(a)          approx. $203(a)            approx. $203(a)
      (a) Based on shipments in Mar. quarter, reported in Jun. quarter
      Sums may not equal totals due to rounding.@@end@@

    QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2005 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.

    Note Regarding Use of Non-GAAP Financial Measures

    The Company presents pro forma financial information that is used by management (i) to evaluate, assess and benchmark the Company's operating results on a consistent and comparable basis, (ii) to measure the performance and efficiency of the Company's ongoing core operating businesses, including the QUALCOMM CDMA Technologies, QUALCOMM Technology Licensing and QUALCOMM Wireless & Internet segments, and (iii) to compare the performance and efficiency of these segments against each other and against competitors outside the Company. Pro forma measurements of the following financial data are used by the Company's management: revenues, R&D expenses, SG&A expenses, total operating expenses, operating income, net investment income, income before income taxes, effective tax rate, net income, diluted earnings per share, operating cash flow and free cash flow.

    Pro forma information used by management excludes the QUALCOMM Strategic Initiatives (QSI) segment, estimated share-based compensation, certain tax benefits related to prior years and acquired in-process R&D expense. The QSI segment is excluded because the Company expects to exit its strategic investments at various times and the effects of fluctuations in the value of such investments are viewed by management as unrelated to the Company's operational performance. Estimated share-based compensation is excluded because management views the valuation of options and other share-based compensation as theoretical and unrelated to the Company's operational performance as it is affected by factors that are subject to change on each grant date including the Company's stock price, stock market volatility, expected option life, risk-free interest rates and expected dividend payouts in future years. Moreover, it is not an expense that requires or will require cash payment by the Company. Certain tax benefits related to prior years are excluded in order to provide a clearer understanding of the Company's ongoing tax rate and after tax earnings. Acquired in-process R&D expense in fiscal 2006 is excluded because such expense is incurred infrequently and is viewed by management as unrelated to the operating activities of the Company's ongoing core businesses.

    Management is able to assess what it believes is a more fundamentally pure and comparable set of financial performance measures for the Company and its business segments by eliminating the episodic impact of strategic investments in QSI and items such as acquired in-process R&D, as well as the inherent, non-operational volatility of share-based compensation. As a result, management compensation decisions and the review of executive compensation by the Compensation Committee of the Board of Directors focus primarily on pro forma financial measures applicable to the Company and its business segments.

    The non-GAAP pro forma financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, pro forma is not a term defined by GAAP, and, as a result, the Company's measure of pro forma results might be different than similarly titled measures used by other companies. Reconciliations between total QUALCOMM (GAAP) results and guidance and QUALCOMM pro forma results and guidance are presented herein.

    Note Regarding Forward-Looking Statements

    In addition to the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: the rate of development, deployment and commercial acceptance of CDMA-based networks and CDMA-based technology, including CDMA2000 1X, 1xEV-DO, WCDMA and HSDPA both domestically and internationally;  our dependence on major customers and licensees; fluctuations in the demand  for CDMA-based products, services or applications; foreign currency  fluctuations; strategic loans, investments and transactions the Company has  or may pursue; our dependence on third party manufacturers and suppliers; our  ability to maintain and improve operational efficiencies and profitability;  developments in current and future litigation; the development, deployment  and commercial acceptance of the MediaFLO(TM) USA network and FLO(TM)  technology; as well as the other risks detailed from time-to-time in the  Company's SEC reports.

    QUALCOMM(R), Mobile Station Modem(TM), MSM(TM) are trademarks and/or service marks of QUALCOMM Incorporated. CDMA2000(R) is a registered trademark of the Telecommunications Industry Association. All other trademarks are the property of their respective owners.

@@start.t2@@      QUALCOMM Contact:
      Bill Davidson, Investor Relations
      Phone:  +1-858-658-4813
      Email:  ir@qualcomm.com
      (All Figures Shown are in US$)
         Reconciliation of Non-GAAP Financial Measure Related to Prior Periods
                                      (In millions, except per share data)
      Third Quarter - Fiscal Year 2005
      Segments                              QCT                QTL                QWI  Reconciling
                                                                                                      Items (1)
      Revenues                            $766              $448              $164            $(20)
      EBT                                      186                407                 12                51
      Net income (loss)
      Diluted EPS
      Shares used in per
        share calculations
      Third Quarter - Fiscal Year 2005
                                                                  Tax                                    Total
      Segments                      QUALCOMM        Adjustments                         QUALCOMM
                                        Pro Forma            (2)                QSI(3)         (GAAP)
      Revenues                         $1,358                $--                $--          $1,358
      EBT                                      656                 --                 30                686
      Net income (loss)                465                 16                 79                560
      Diluted EPS                      $0.28            $0.01            $0.05            $0.33
      Shares used in per
        share calculations         1,683            1,683            1,683            1,683
      (1) Reconciling items related to revenues consist primarily of other non-
            reportable segment revenues less intersegment eliminations.
            Reconciling items related to earnings before taxes consist primarily
            of corporate expenses, charges that are not allocated to the segments
            for management reporting purposes, unallocated net investment income,
            non-reportable segment results and the elimination of intercompany
            profit.
      (2) During the third quarter of fiscal 2005, the Company made an election
            to compute its California tax on the basis of its U.S. operations
            only, which resulted in a US$38 million tax benefit.  Our effective
            tax rate in the third quarter of fiscal 2005 for total QUALCOMM
            (GAAP) includes a US$16 million tax benefit, or US$0.01 diluted
            earnings per share, for this California tax election related to
            fiscal 2004.  For fiscal 2005 pro forma presentation, results have
            been adjusted to exclude the tax benefit attributable to fiscal 2004.
      (3) At fiscal year-end, the sum of the quarterly tax provisions for each
            column, including QSI, equal the annual tax provisions for each
            column computed in accordance with GAAP.  In interim quarters, the
            tax provision for the QSI operating segment is computed by
            subtracting the tax provision for QUALCOMM pro forma and the tax
            adjustment column from the tax provision for total QUALCOMM (GAAP).@@end@@

ots Originaltext: Qualcomm Incorporated
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
Bill Davidson, Investor Relations of QUALCOMM, +1-858-658-4813,
ir@qualcomm.com



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