Qualcomm Incorporated

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results

    San Diego, November 8 (ots/PRNewswire) -

    - Fiscal 2007 Revenues US$8.87 Billion, Diluted EPS US$1.95

    - Pro Forma Fiscal 2007 Revenues US$8.87 Billion, Diluted EPS US$2.01

    - Worldwide 3G Adoption Drives Record Fiscal Year Financial Results

    Qualcomm Incorporated (Nasdaq: QCOM) today announced results for the fourth fiscal quarter and year ended September 30, 2007.

    Total Qualcomm (GAAP) Results

    Total Qualcomm results are reported in accordance with generally accepted accounting principles (GAAP).

@@start.t1@@      Fourth Quarter
      -- Revenues: US$2.31 billion, up 15 percent year-over-year and down
          1 percent sequentially.
      -- Net income: US$1.13 billion, up 84 percent year-over-year and 42
          percent sequentially.
      -- Diluted earnings per share: US$0.67, up 86 percent year-over-year and
          43 percent sequentially.
      -- Effective tax rate: negative 19 percent, due to a US$331 million
          benefit as a result of completing audits of prior years' tax returns.
      -- Estimated share-based compensation: US$78 million, net of tax, up
          3 percent year-over-year and 3 percent sequentially.
      -- Operating cash flow: US$1.04 billion, up 10 percent year-over-year;
          45 percent of revenues.
      -- Return of capital to stockholders: US$1.45 billion in the fourth
          quarter, including US$230 million of cash dividends, or US$0.14 per
          share, and US$1.22 billion to repurchase 31 million shares of our
          common stock.
      Fiscal 2007
      -- Revenues: US$8.87 billion, up 18 percent year-over-year.
      -- Net income: US$3.30 billion, up 34 percent year-over-year.
      -- Diluted earnings per share: US$1.95, up 35 percent year-over-year.
      -- Effective tax rate: 9 percent.
      -- Estimated share-based compensation: US$324 million, net of tax, up
          1 percent year-over-year.
      -- Operating cash flow: US$3.81 billion, up 17 percent year-over-year;
          43 percent of revenues.
      -- Return of capital to stockholders: US$2.34 billion, including
          US$862 million of cash dividends, or US$0.52 per share, and US$1.48
          billion to repurchase 37 million shares of our common stock.@@end@@

    Qualcomm Pro Forma Results

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

@@start.t2@@      Fourth Quarter
      -- Revenues: US$2.31 billion, up 15 percent year-over-year and down
          1 percent sequentially.
      -- Net income: US$911 million, up 29 percent year-over-year and down
          2 percent sequentially.
      -- Diluted earnings per share: US$0.54, up 29 percent year-over-year and
          down 2 percent sequentially; excludes US$0.02 loss per share
          attributable to the QSI segment, US$0.05 loss per share attributable
          to certain estimated share-based compensation and US$0.20 earnings per
          share attributable to certain tax items related to prior years.
      -- Effective tax rate: 19 percent.
      -- Free cash flow: US$916 million, up 1 percent year-over-year; 40
          percent of revenues. (Defined as net cash from operating activities
          less capital expenditures).
      Fiscal 2007
      -- Revenues: US$8.87 billion, up 18 percent year-over-year.
      -- Net income: US$3.41 billion, up 21 percent year-over-year.
      -- Diluted earnings per share: US$2.01, up 23 percent year-over-year;
          excludes US$0.08 loss per share attributable to the QSI segment,
          US$0.19 loss per share attributable to certain share-based
          compensation, US$0.22 earnings per share attributable to certain tax
          items related to prior years and US$0.01 loss per share attributable
          to acquired in-process R&D.
      -- Effective tax rate: 22 percent.
      -- Free cash flow: US$3.53 billion, up 11 percent year-over-year; 40
          percent of revenues. (Defined as net cash from operating activities
          less capital expenditures).@@end@@

    Detailed reconciliations between total Qualcomm (GAAP) results and cash flow and Qualcomm pro forma results and cash flow are included at the end of this news release. Prior period reconciliations are presented on our Investor Relations web page at http://www.qualcomm.com.

    "We delivered another record performance in fiscal 2007 because our employees and partners continue to provide industry leading innovative wireless products and services," said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. "We achieved record revenues, net income and operating cash flow and returned a record US$2.3 billion of capital to our stockholders through our cash dividend and stock repurchase programs."

    "In addition to our strong business and financial performance, our focused execution resulted in many significant achievements in fiscal 2007. More than 530 million wireless subscribers are now benefiting from the widespread and accelerating availability of 3G CDMA mobile broadband networks with advanced wireless devices at competitive prices. We shipped a record 253 million Mobile Station Modem(TM) (MSM(TM)) chips, a 22% year-over-year increase, and for the second quarter in a row we were named the world's top supplier of semiconductors for wireless applications by iSuppli. We continued to expand our chipset portfolio with the addition of the 7000 series platform for high performance wireless devices and a low cost single chip for EV-DO Rev. A mobile broadband."

    "In close partnership with the world's leading content providers, our MediaFLO(TM) mobile TV service is now commercially available in the United States and in trials around the world. With ground breaking innovations, such as MediaFLO, Snapdragon(TM) and Gobi(TM), and by partnering with new market entrants, such as Google and Skype, Qualcomm is expanding the impact of 3G CDMA beyond traditional products, services and partners."

    Cash and Marketable Securities

    Qualcomm's cash, cash equivalents and marketable securities totaled approximately US$11.8 billion at the end of the fourth quarter of fiscal 2007, compared to US$12.3 billion at the end of the third quarter of fiscal 2007 and US$9.9 billion a year ago. As of September 30, 2007, US$1.5 billion remained authorized for repurchases under our stock repurchase program. From October 1, 2007 through November 7, 2007, we repurchased and retired 13  million shares of our common stock for approximately US$525 million. On October 11, 2007, we announced a cash dividend of US$0.14 per share payable  on January 4, 2008 to stockholders of record at the close of business on  December 7, 2007.

    Estimated Share-Based Compensation

    Total Qualcomm (GAAP) net income for the fourth quarter of fiscal 2007 included estimated share-based compensation, net of tax, of US$78 million, or US$0.05 per diluted share. This compares to US$76 million, or US$0.05 per diluted share, in the prior year quarter.

@@start.t3@@      (All amounts in US Dollars unless otherwise noted.)
      Research and Development
                                                         Estimated                                        Total
                                 Qualcomm Pro  Share-Based    In-Process              Qualcomm
      ($ in millions)         Forma        Compensation         R&D         QSI      (GAAP)
      Fourth quarter
        fiscal 2007            $410                 $55                 $-          $16        $481
      As a % of revenue        18%                                                    N/M          21%
      Fourth quarter
        fiscal 2006            $338                 $56                 $1          $16        $411
      As a % of revenue        17%                                                                    21%
      Year-over-year
        change ($)                 21%                 (2%)                                            17%@@end@@

    Pro forma R&D expenses increased 21 percent year-over-year, primarily due to additional engineering resources for the development of integrated circuit products, next generation CDMA and OFDMA technologies, the expansion of our intellectual property portfolio and other initiatives to support the acceleration of advanced wireless products and services, including lower cost phones, the integration of wireless with consumer electronics and computing, the convergence of multiband, multimode, multinetwork products and technologies, third party operating systems and services platforms. QSI R&D expenses were related to MediaFLO USA.

@@start.t4@@      Selling, General and Administrative
                                                                        Estimated                      Total
                                                    Qualcomm    Share-Based                 Qualcomm
      ($ in millions)                      Pro Forma  Compensation      QSI      (GAAP)
      Fourth quarter fiscal 2007        $248              $53              $22        $323
      As a % of revenue                         11%                                N/M          14%
      Fourth quarter fiscal 2006        $237              $62              $22        $321
      As a % of revenue                         12%                                                16%
      Year-over-year change ($)              5%            (15%)                            1%@@end@@

    Pro forma selling, general and administrative (SG&A) expenses increased 5 percent year-over-year, largely attributable to increases in costs related  to litigation and other legal matters, employee related expenses and other  professional fees, partially offset by a gain on the sale of a building. QSI  SG&A expenses were primarily related to MediaFLO USA.

    Effective Income Tax Rate

    Our fiscal 2007 effective income tax rate for total Qualcomm (GAAP) was 9 percent, and our fiscal 2007 pro forma effective tax rate was 22 percent.  Our total Qualcomm (GAAP) diluted earnings per share in the fourth quarter  and fiscal 2007 included a US$0.20 benefit as a result of prior year tax  audits completed during the fourth fiscal quarter. This benefit resulted in a  negative tax rate for the fourth quarter of fiscal 2007 for total Qualcomm  (GAAP). Fourth quarter fiscal 2007 Qualcomm pro forma results excluded this US$0.20 diluted earnings per share benefit to provide a clearer understanding  of our ongoing tax rate and after tax earnings.

    Qualcomm Strategic Initiatives

    The QSI segment includes our strategic investments, including our MediaFLO USA subsidiary, and related income and expenses. Total Qualcomm (GAAP) results for the fourth quarter of fiscal 2007 included US$0.02 loss per share for the QSI segment. The fourth quarter of fiscal 2007 QSI results included US$63 million in operating expenses, primarily related to MediaFLO USA.

    Business Outlook

    The following statements are forward-looking and actual results may differ materially. The "Note Regarding Forward-Looking Statements" at the end of this news release provides a description of certain risks that we face, and our annual and quarterly reports on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks. Due to their nature, certain income and expense items, such as realized investment gains or losses, gains and losses on certain derivative instruments or asset impairments, cannot be accurately forecast. Accordingly, we exclude forecasts of such items from our business outlook, and actual results may vary materially from the business outlook if we incur any such income or expense items. In addition, our outlook does not include provisions for the consequences of injunctions or significant possible damages or costs related to litigation matters unless damages have been awarded by a court.

    We are engaged in multiple disputes with Nokia Corp., including arbitration over Nokia's obligation to pay royalties for the use of certain of our patents. As a result, under generally accepted accounting principles, we are not recording royalty revenue attributable to Nokia's sales after April 9, 2007 until an arbitrator (or court) awards damages or the disputes are otherwise resolved by agreement with Nokia. We have excluded from our fiscal 2008 revenue and earnings guidance our estimate of royalties which we believe Nokia is required to report and pay to us under our existing license agreement in fiscal 2008 of approximately US$0.25-US$0.30 diluted earnings per share.

    We perform periodic audits of the royalties payable by our licensees. As a result of our audit process, we determined during the fourth quarter of fiscal 2007 that total CDMA-based handset unit shipments and average selling prices (ASPs) should be adjusted for certain periods. The adjustments related only to handset shipments and ASPs and did not impact the amount or timing of our revenue. Based on this new information, we now estimate shipments of 89 million handsets reported in our fourth quarter fiscal 2007, compared to our  previous estimate of 92 million handsets. The estimated ASP for such units  remains unchanged from our prior guidance of US$218. A summary of the  adjustments on prior periods is included on our Investor Relations website http://investor.qualcomm.com/results.cfm .

    The following table summarizes total Qualcomm (GAAP) and Qualcomm pro forma guidance for the first fiscal quarter and fiscal year 2008 based on the current business outlook. The pro forma business outlook provided below is presented in a manner that is consistent with the presentation of pro forma results provided elsewhere herein.

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

@@start.t5@@                                              Business Outlook Summary
      FIRST FISCAL QUARTER
                                                                                          Current Guidance
                                                                        Q1'07                    Q1'08
                                                                      Results                Estimates
         Qualcomm Pro Forma
         Revenues                                                 $2.02B              $2.3B - $2.4B
         Year-over-year change                                              increase 14% - 19%
         Diluted earnings per share (EPS)            $0.43              $0.50 - $0.52
         Year-over-year change                                              increase 16% - 21%
         Total Qualcomm (GAAP)
         Revenues                                                 $2.02B              $2.3B - $2.4B
         Year-over-year change                                              increase 14% - 19%
         Diluted earnings per share (EPS)            $0.38              $0.42 - $0.44
         Year-over-year change                                              increase 11% - 16%
         Diluted EPS attributable to QSI            ($0.01)                        ($0.03)
         Diluted EPS attributable to
          estimated share-based compensation      ($0.05)                        ($0.05)
         Diluted EPS attributable to tax
          items                                                      $0.02                              n/a
         Metrics
         MSM shipments                                 approx. 59M         approx. 74M - 78M
         CDMA/WCDMA handset units
          shipped (1)(2)                              approx. 74M(i)    approx. 95M - 98M(i)
         CDMA/WCDMA handset unit wholesale
          average selling price (1)(2)      approx. $208(i)            approx. $212(i)
         (i) Shipments in Sept. quarter, reported in Dec. quarter
      FISCAL YEAR
                                                                                                Current Guidance
                                                                      FY 2007                    FY 2008
                                                                    Results (3)            Estimates (4)
         Qualcomm Pro Forma
         Revenues                                                  $8.87B                $9.5B - $9.9B
         Year-over-year change                                                 increase 7% - 12%
         Diluted earnings per share (EPS)            $2.01                $2.03 - $2.09
         Year-over-year change                                                  increase 1% - 4%
         Total Qualcomm (GAAP)
         Revenues                                                  $8.87B                $9.5B - $9.9B
         Year-over-year change                                                 increase 7% - 12%
         Diluted earnings per share (EPS)            $1.95                $1.68 - $1.74
         Year-over-year change                                                decrease 11% - 14%
         Diluted EPS attributable to tax
          items related to prior years                 $0.22                                n/a
         Diluted EPS attributable to
          in-process R&D                                      ($0.01)                              n/a
         Diluted EPS attributable to QSI            ($0.08)                         ($0.14)
         Diluted EPS attributable to
          estimated share-based compensation      ($0.19)                         ($0.21)
         Metrics
         Fiscal year(i) CDMA/WCDMA handset
          unit wholesale average selling
          price (1)(2)                                approx. $214                 approx. $199
         (i) Shipments in Sept. to June quarters, reported in Dec. to Sept.
                quarters
      CALENDAR YEAR Handset Estimates (1)(2)
                                          Prior Guidance  Current Guidance  Current Guidance
      CDMA/WCDMA handset        Calendar 2007        Calendar 2007        Calendar 2008
        unit shipments              Estimates (5)         Estimates              Estimates
         March quarter                approx. 86M            approx. 86M        not provided
         June quarter                 approx. 89M            approx. 89M        not provided
         September quarter        not provided  approx. 95M - 98M        not provided
         December quarter         not provided          not provided        not provided
         Calendar year range
         (approx.)                      367M - 387M            385M - 395M         492M - 522M
                                                Midpoint                 Midpoint              Midpoint
         CDMA/WCDMA units         approx. 377M          approx. 390M        approx. 507M
         CDMA units                  approx. 208M          approx. 208M        approx. 223M
         WCDMA units                 approx. 169M          approx. 182M        approx. 284M
      (1) CDMA/WCDMA handset unit shipments and average selling prices are
            estimated for the total market.
      (2) We perform periodic audits of the royalties payable by our licensees.
            As a result of our audit process, we determined during the fourth
            quarter of fiscal 2007 that total CDMA-based handset unit shipments
            and average selling prices (ASPs) should be adjusted for certain
            periods. The adjustments related only to handset shipments and ASPs
            and did not impact the amount or timing of our revenue. Historical
            units presented herein have been adjusted to reflect these
            adjustments.
      (3) Our fiscal 2007 results do not include royalty revenue attributable to
            Nokia's sales after April 9, 2007 which we estimated to be
            approximately US$0.05 diluted earnings per share.
      (4) We have excluded from our fiscal 2008 revenue and earnings guidance
            our estimate of royalties which we believe Nokia is required to report
            and pay to us under our existing license agreement in fiscal 2008 of
            approximately US$0.25-US$0.30 diluted earnings per share.
      (5) Prior Calendar 2007 Handset Estimates have been adjusted to reflect
            adjustments as a result of note (2) above in order to present "Prior"
            and "Current" guidance on a consistent and comparable basis.
      Sums may not equal totals due to rounding.@@end@@

    Results of Business Segments

    The following tables, which present segment information, have been adjusted to reflect the fiscal 2007 segment presentation (Note 1) (in millions, except per share data):

@@start.t6@@      Fourth Quarter - Fiscal Year 2007
      Segments                              QCT                QTL                QWI        Reconciling
                                                                                                          Items (2)
      Revenues                         $1,419              $647              $245              $(6)
      Change from prior year         24%                (2%)              25%            N/M
      Change from prior quarter      4%              (16%)              25%            N/M
      EBT                                    $424              $537                $31            $137
      Change from prior year         31%                (9%)              19%            N/M
      Change from prior quarter    (3%)            (20%)              72%            N/M
      EBT as a % of revenues         30%                83%                13%            N/M
      Net income (loss)
      Change from prior year
      Change from prior quarter
      Diluted EPS
      Change from prior year
      Change from prior quarter
      Diluted shares used
                                                  Estimated                                          Total
                          Qualcomm Pro  Share-Based      Tax Items                  Qualcomm
      Segments            Forma        Compensation(3)      (4)          QSI(6)    (GAAP)
      Revenues          $2,305                 $-                 $-                $1      $2,306
      Change from
        prior year          15%                                                                         15%
      Change from
        prior quarter      (1%)                                                                        (1%)
      EBT                 $1,129              $(117)                $-            $(64)        $948
      Change from
        prior year          17%                 (8%)                                178%          17%
      Change from
        prior quarter      (4%)                 3%                                 (30%)         (2%)
      EBT as a % of
        revenues              49%                N/M                N/M              N/M            41%
      Net income
        (loss)                $911              $(77)            $331            $(34)    $1,131
      Change from
        prior year            29%                 1%              N/M              N/M            84%
      Change from
        prior quarter        (2%)                3%              N/M              (44%)         42%
      Diluted EPS        $0.54          $(0.05)          $0.20         $(0.02)      $0.67
      Change from
        prior year            29%                 0%              N/M              N/M            86%
      Change from
        prior quarter        (2%)              25%              N/M              (50%)         43%
      Diluted shares
        used                 1,689            1,689            1,689          1,689        1,689
      Third Quarter - Fiscal Year 2007
                                                                                                         Reconciling
      Segments                              QCT                QTL              QWI            Items (2)
      Revenues                         $1,367              $766              $196              $(4)
      EBT                                      439                668                 18                52
      Net income (loss)
      Diluted EPS
      Diluted shares used
                                                                Estimated                              Total
                                        Qualcomm Pro  Share-Based                         Qualcomm
      Segments                          Forma      Compensation(3)    QSI(6)        (GAAP)
      Revenues                         $2,325                 $-                 $-          $2,325
      EBT                                  1,177            (114)              (91)                972
      Net income (loss)                934              (75)              (61)                798
      Diluted EPS                      $0.55         $(0.04)         $(0.04)            $0.47
      Diluted shares used         1,704            1,704            1,704            1,704
      Fourth Quarter - Fiscal Year 2006
                                                                                                      Reconciling
      Segments                      QCT(1)(i)      QTL(1)(i)    QWI (1)(i) Items (1)(2)(i)
      Revenues                         $1,147              $661              $196            $(5)
      EBT                                      323                591                 26              21
      Net income (loss)
      Diluted EPS
      Diluted shares used
                                            Estimated                          In-                      Total
                        Qualcomm      Share-Based                      Process                Qualcomm
      Segments    Pro Forma  Compensation(3) Tax Items    R&D        QSI(6)  (GAAP)
      Revenues      $1,999                $-                 $-          $-          $-         $1,999
      EBT                  961            (127)                 -          (1)        (23)            810
      Net income
        (loss)            705              (76)              (16)         (1)          2              614
      Diluted EPS  $0.42         $(0.05)         $(0.01)         $-          $-          $0.36
      Diluted
        shares used 1,693          1,693            1,693      1,693      1,693          1,693
      First Quarter - Fiscal Year 2007
                                                                                                      Reconciling
      Segments                      QCT(1)(i)      QTL(1)(i)    QWI (1)(i)  Items(1)(2)(i)
      Revenues                         $1,230              $600              $188                $1
      EBT                                      316                498                 20              118
      Net income (loss)
      Diluted EPS
      Diluted shares used
                                                 Estimated                                                Total
                            Qualcomm      Share-Based        Tax Items                    Qualcomm
      Segments        Pro Forma    Compensation(3)        (5)          QSI(6)      (GAAP)
      Revenues          $2,019                 $-                 $-                $-        $2,019
      EBT                        952              (130)                 -              (43)          779
      Net income (loss) 722                (86)                33              (21)          648
      Diluted EPS        $0.43          $(0.05)          $0.02         $(0.01)        $0.38
      Diluted shares
        used                 1,685            1,685            1,685          1,685         1,685
      Twelve Months - Fiscal Year 2007
                                                                                                        Reconciling
      Segments                            QCT                QTL                QWI          Items (2)
      Revenues                         $5,275          $2,772              $828              $(5)
      Change from prior year         22%                12%                13%            N/M
      EBT                                 $1,547          $2,340                $88            $388
      Change from prior year         19%                 5%                13%            N/M
      EBT as a % of revenues         29%                84%                11%            N/M
      Net income (loss)
      Change from prior year
      Diluted EPS
      Change from prior year
      Diluted shares used
                                                 Estimated                        In-                    Total
                              Qualcomm    Share-Based    Tax Items Process            Qualcomm
      Segments         Pro Forma  Compensation(3)  (4)(5)    R&D        QSI      (GAAP)
      Revenues          $8,870                $-                 $-         $-         $1      $8,871
      Change from
        prior year            18%                                                          N/M            18%
      EBT                  $4,363          $(487)                $-      $(10)  $(240)    $3,626
      Change from
        prior year            15%              (2%)                         (55%)      80%          15%
      EBT as a % of
        revenues                49%            N/M                N/M        N/M        N/M            41%
      Net income
        (loss)              3,406            (321)              364         (9)    (137)    $3,303
      Change from
        prior year            21%                0%              810%      (59%)    328%          34%
      Diluted EPS        $2.01         $(0.19)          $0.22  $(0.01) $(0.08)      $1.95
      Change from
        prior year            23%                0%            1000%         0%      300%          35%
      Diluted shares
        used                 1,693          1,693            1,693    1,693    1,693        1,693
      Twelve Months - Fiscal Year 2006
                                                                                                      Reconciling
      Segments                      QCT(1)(i)      QTL(1)(i)    QWI (1)(i) Items (1)(2)(i)
      Revenues                         $4,332          $2,467              $731              $(4)
      EBT                                  1,298            2,233                 78              197
      Net income (loss)
      Diluted EPS
      Diluted shares used
                                                 Estimated                            In-              Total
                            Qualcomm      Share-Based                        Process         Qualcomm
      Segments         Pro Forma  Compensation(3)  Tax Items    R&D    QSI    (GAAP)
      Revenues          $7,526              $-                  $-          $-         $-    $7,526
      EBT                    3,806          (495)                  -         (22)    (133)    3,156
      Net income
        (loss)              2,804          (320)                 40         (22)      (32)    2,470
      Diluted EPS        $1.64        $(0.19)            $0.02    $(0.01) $(0.02)    $1.44
      Diluted shares
        used                 1,711         1,711              1,711      1,711    1,711      1,711
      (1) During fiscal 2007, the Company reassessed the intersegment royalty
            charged to QCT by QTL and determined that the royalty should be
            eliminated starting in fiscal 2007 for management reporting purposes.
            As a result, QCT did not record a royalty to QTL in fiscal 2007.  The
            Company also reorganized the Qualcomm Wireless Systems (QWS) division
            into the QES (formerly QWBS) division within the QWI segment.
            Revenues and operating results relating to QWS were included in
            reconciling items through the end of fiscal 2006.  Prior period
            segment information has been adjusted to conform to the new segment
            presentation.
      (2) Reconciling items related to revenues consist primarily of other
            nonreportable segment revenues less intersegment eliminations.
            Reconciling items related to earnings before taxes consist primarily
            of certain investment income, research and development expenses and
            marketing expenses that are not allocated to the segments for
            management reporting purposes, nonreportable segment results and the
            elimination of intersegment profit.
      (3) Certain share-based compensation is included in operating expenses as
            part of employee-related costs but is not allocated to the Company's
            segments as such costs are not considered relevant by management in
            evaluating segment performance.
      (4) During the fourth quarter of fiscal 2007, the Company recorded a
            US$331 million tax benefit, or US$0.20 diluted earnings per share,
            related to tax expense recorded in prior years resulting from the
            completion of tax audits during the fourth fiscal quarter. The fiscal
            2007 Qualcomm pro forma results excluded this tax benefit
            attributable to prior years.
      (5) During the first quarter of fiscal 2007, the federal R&D tax credit
            that expired on December 31, 2005 was extended by Congress for a
            period of two years beyond the prior expiration date.  The Company
            recorded a tax benefit of US$33 million, or US$0.02 diluted earnings
            per share, related to fiscal 2006 in the first quarter of fiscal 2007
            due to this retroactive extension.  The fiscal 2007 Qualcomm pro
            forma results excluded this tax benefit attributable to fiscal 2006.
      (6) At fiscal year-end, the sum of the quarterly tax provisions for each
            column, including QSI, equals 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, the tax items
            column and the tax provisions related to estimated share-based
            compensation and in-process R&D from the tax provision for total
            Qualcomm (GAAP).
      N/M - Not Meaningful
      Sums may not equal totals due to rounding.
      (i) As adjusted to conform to 2007 segment presentation.@@end@@

    Conference Call

    Qualcomm's fourth quarter fiscal 2007 earnings conference call will be broadcast live on November 8, 2007 beginning at 1:45 p.m. Pacific Standard Time (PST) on the Company's web site at: http://www.qualcomm.com. This conference call may contain forward-looking financial information. The conference call will include a discussion of "non-GAAP financial measures" as that term is defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company's financial results prepared in accordance with GAAP, as well as the other material financial and statistical information to be discussed in the conference call, will be posted on the Company's Investor Relations web site at http://www.qualcomm.com immediately prior to commencement of the call. A taped audio replay will be available via telephone on November 8, 2007 beginning at approximately 5:30 p.m. (PST) through December 8, 2007 at 9:00 p.m. (PST). To listen to the replay, U.S. callers may dial +1-800-642-1687 and international callers may dial +1-706-645-9291. U.S. and international callers should use reservation number 20553158. An audio replay of the conference call will be available on the Company's web site at http://www.qualcomm.com for two weeks following the live call.

    Editor's Note: To view the web slides that accompany this earnings release and conference call, please go to the Qualcomm Investor Relations website at http://investor.qualcomm.com/results.cfm.

    Qualcomm Incorporated (http://www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2007 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. Management is able to assess what it believes is a more meaningful and comparable set of financial performance measures for the Company and its business segments by using pro forma information. 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.

    Pro forma information used by management excludes the Qualcomm Strategic Initiatives (QSI) segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process R&D. 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, other than amounts related to share-based awards granted under the executive bonus program, is excluded because management views the valuation of options and other share-based compensation as theoretical and unrelated to the Company's operational performance. Further, share-based compensation is affected by factors that are subject to change, 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 generally not an expense that requires or will require cash payment by the Company. Certain tax items 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 is excluded because such expense is viewed by management as unrelated to the operating activities of the Company's ongoing core businesses.

    The Company presents free cash flow, defined as net cash provided by operating activities less capital expenditures, to facilitate an understanding of the amount of cash flow generated that is available to grow its business and to create long-term shareholder value. The Company believes that this presentation is useful in evaluating its operating performance and financial strength. In addition, management uses this measure to evaluate the Company's performance, to value the Company and to compare its operating performance with other companies in the industry.

    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 Qualcomm pro forma results and between total Qualcomm (GAAP) cash flow and Qualcomm pro forma cash flow 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 deployment of our technologies in wireless networks and of 3G wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA and OFDMA both domestically and internationally; our dependence on major customers and licensees; attacks on our business model, including results of current and future litigation and arbitration proceedings as well as actions of governmental or  quasi-governmental bodies, and the costs we incur in connection therewith, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; fluctuations in the demand for products, services or applications based on our technologies; 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; the development, deployment and commercial acceptance of the MediaFLO USA network and FLO(TM) technology; as well as the other risks detailed from time-to-time in the Company's SEC reports.

    (C) 2007 Qualcomm Incorporated. All rights reserved. Qualcomm is a registered trademark 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.t7@@      Qualcomm Contact:
      John Gilbert
      Vice President of Investor and Industry Analyst Relations
      +1-858-658-4813 (ph) +1-858-651-9303 (fax)
      e-mail: ir@qualcomm.com
                                                Qualcomm Incorporated
                                  CONSOLIDATED STATEMENTS OF OPERATIONS
          This schedule is to assist the reader in reconciling from Qualcomm
                        Pro Forma results to Total Qualcomm (GAAP) results
                                    (In millions, except per share data)
                                                        (Unaudited)
                                                      Three Months Ended September 30, 2007
                                      Qualcomm         Estimated                                      Total
                                         Pro            Share-Based          Tax                 Qualcomm
                                        Forma         Compensation(a)  Items(b)  QSI      (GAAP)
      Revenues:
         Equipment and
          services              $1,568                  $-                 $-          $1    $1,569
         Licensing and
          royalty fees            737                    -                  -            -         737
            Total revenues    2,305                    -                  -            1      2,306
      Operating expenses:
         Cost of equipment
          and services
          revenues                  691                    9                  -          25         725
         Research and
          development              410                  55                  -          16         481
         Selling, general
          and administrative  248                  53                  -          22         323
                Total operating
                 expenses         1,349                 117                  -          63      1,529
      Operating income
        (loss)                         956                (117)                 -         (62)        777
      Investment income
        (expense), net            173 (c)              -                  -          (2)(d)  171
      Income (loss) before
        income taxes            1,129                (117)                 -         (64)        948
      Income tax (expense)
        benefit                      (218)(e)            40                331          30 (f)  183(e)
      Net income (loss)        $911                $(77)            $331        $(34)  $1,131
      Earnings (loss) per
        common share:
          Diluted                 $0.54            $(0.05)          $0.20    $(0.02)    $0.67
      Shares used in per
        share calculations:
          Diluted                 1,689              1,689            1,689      1,689      1,689
      Supplemental Financial Data:
      Operating Cash Flow $1,136                $(41)(h)          $-        $(52)  $1,043
      Operating Cash Flow
        as a % of Revenues        49%                                                  N/M          45%
      Free Cash Flow (g)      $916                $(41)(h)          $-        $(79)      $796
      Free Cash Flow as a
        % of Revenues                40%                                                  N/M          35%
      (a) Estimated share-based compensation presented above and excluded from
            pro forma results did not include US$1 million, net of tax, related
            to share-based awards granted under the executive bonus program.
      (b) During the fourth quarter of fiscal 2007, the Company recorded a
            US$331 million tax benefit, or US$0.20 diluted earnings per share,
            related to tax expense recorded in prior years resulting from the
            completion of tax audits during the fourth fiscal quarter. The fiscal
            2007 Qualcomm pro forma results excluded this tax benefit
            attributable to prior years.
      (c) Included US$141 million in interest and dividend income related to
            cash, cash equivalents and marketable securities, which were not part
            of the Company's strategic investment portfolio, US$48 million in net
            realized gains on investments and US$2 million in gains on derivative
            instruments from decreases in the fair value of the put option
            liabilities related to our share repurchase program, partially offset
            by US$13 million in other-than-temporary losses on investments and
            US$5 million in interest expense.
      (d) Included US$3 million in other-than-temporary losses on investments,
            US$1 million in interest expense and US$1 million of equity losses in
            investees, partially offset by US$2 million in net realized gains on
            investments and US$1 million in interest and dividend income.
      (e) The fourth quarter of fiscal 2007 tax rates were approximately 19%
            benefit for total Qualcomm (GAAP) and approximately 19% expense for
            Qualcomm pro forma.
      (f) At fiscal year-end, the sum of the quarterly tax provisions for each
            column, including QSI, equals 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, the tax items
            column and the tax provisions related to estimated share-based
            compensation and in-process R&D from the tax provision for total
            Qualcomm (GAAP).
      (g) Free Cash Flow is calculated as net cash provided by operating
            activities less capital expenditures.  Reconciliation of these
            amounts is included in the Reconciliation of Pro Forma Free Cash
            Flows to Total Qualcomm (GAAP) net cash provided by operating
            activities and other supplemental disclosures for the three months
            ended September 30, 2007, included herein.
      (h) Incremental tax benefits from stock options exercised during the
            period.
                                              Qualcomm Incorporated
                                 CONSOLIDATED STATEMENTS OF OPERATIONS
            This schedule is to assist the reader in reconciling from Qualcomm
                        Pro Forma results to Total Qualcomm (GAAP) results
                                 (In millions, except per share data)
                                                    (Unaudited)
                                                  Twelve Months Ended September 30, 2007
                                                    Estimated
                                                        Share-
                                      Qualcomm    Based         Tax        In-                  Total
                                         Pro         Compen-    Items  Process            Qualcomm
                                        Forma      sation (a)  (b)        R&D      QSI    (GAAP)
      Revenues:
         Equipment and
          services              $5,764          $-            $-         $-        $1    $5,765
         Licensing and
          royalty fees         3,106            -              -          -         -      3,106
            Total revenues    8,870            -              -          -         1      8,871
      Operating expenses:
         Cost of equipment
          and services
          revenues                2,572          39              -          -        70      2,681
         Research and
          development          1,530         221              -         10        68      1,829
         Selling,
          general and
          administrative      1,138         227              -          -      113      1,478
                Total operating
                 expenses         5,240         487              -         10      251      5,988
      Operating income
        (loss)                      3,630        (487)            -        (10)  (250)    2,883
      Investment income,
        net                              733 (c)      -              -          -        10 (d)  743
      Income (loss) before
        income taxes            4,363        (487)            -        (10)  (240)    3,626
      Income tax (expense)
        benefit                      (957)(e)  166          364          1      103        (323)(e)
      Net income (loss)    $3,406      $(321)        $364        $(9) $(137)  $3,303
      Earnings (loss) per
        common share:
          Diluted                 $2.01    $(0.19)      $0.22  $(0.01) $(0.08)    $1.95
      Shares used in per
        share calculations:
          Diluted                 1,693      1,693        1,693    1,693    1,693      1,693
      Supplemental
        Financial Data:
      Operating Cash Flow $4,252      $(240)(g)      $-      $(10)  $(191)  $3,811
      Operating Cash Flow
        as a % of Revenue         48%                                                 N/M          43%
      Free Cash Flow (f)  $3,526      $(240)(g)      $-      $(10)  $(283)  $2,993
      Free Cash Flow as a
        % of Revenue                 40%                                                 N/M          34%
      (a) Estimated share-based compensation presented above and excluded from
            pro forma results did not include US$3 million, net of tax, related
            to share-based awards granted under the executive bonus program.
      (b) During the first quarter of fiscal 2007, the Company recorded a tax
            benefit of US$33 million, or US$0.02 diluted earnings per share,
            related to fiscal 2006 in the first quarter of fiscal 2007 due to a
            retroactive extension the federal R&D tax credit that expired on
            December 31, 2005. In addition, during the fourth quarter of fiscal
            2007, the Company recorded a US$331 million tax benefit, or US$0.20
            diluted earnings per share, related to tax expense recorded in prior
            years resulting from the completion of tax audits during the fourth
            fiscal quarter. The fiscal 2007 Qualcomm pro forma results excluded
            these tax benefits attributable to prior years.
      (c) Included US$551 million in interest and dividend income related to
            cash, cash equivalents and marketable securities, which were not part
            of the Company's strategic investment portfolio, US$201 million in
            net realized gains on investments and US$3 million in gains on
            derivative instruments from decreases in the fair value of the put
            option liabilities related to our share repurchase program, partially
            offset by US$16 million in other-than-temporary losses on investments
            and US$6 million in interest expense.
      (d) Included US$21 million in net realized gains on investments and
            US$7 million in interest and dividend income, partially offset by
            US$11 million in other-than-temporary losses on investments, US$5
            million in interest expense, US$1 million in losses on derivative
            instruments and US$1 million in equity losses of investees.
      (e) The annual effective tax rate for fiscal 2007 for total Qualcomm
            (GAAP) was approximately 9% and Qualcomm pro forma was approximately
            22%.
      (f) Free Cash Flow is calculated as net cash provided by operating
            activities less capital expenditures.  Reconciliation of these
            amounts is included in the Reconciliation of Pro Forma Free Cash
            Flows to Total Qualcomm (GAAP) net cash provided by operating
            activities and other supplemental disclosures for the twelve months
            ended September 30, 2007, included herein.
      (g) Incremental tax benefits from stock options exercised during the
            period.@@end@@

@@start.t8@@                                                Qualcomm Incorporated
                          Reconciliation of Pro Forma Free Cash Flows to
              Total Qualcomm (GAAP) net cash provided by operating activities
                                    and other supplemental disclosures
                                                      (In millions)
                                                        (Unaudited)
                                                         Three Months Ended September 30, 2007
                                                                              Estimated                 Total
                                                         Qualcomm      Share-Based              Qualcomm
                                                         Pro Forma    Compensation    QSI    (GAAP)
         Net cash provided (used) by
          operating activities                $1,136          $(41)(a)      $(52)  $1,043
         Less:  capital expenditures         (220)              -              (27)      (247)
         Free cash flow                              $916          $(41)          $(79)      $796
         Other supplemental cash
          disclosures:
              Cash transfers from QSI (1)        $2              $-              $(2)         $-
              Cash transfers to QSI (2)         (94)              -                94            -
              Net cash transfers                  $(92)            $-              $92          $-
                                                        Twelve Months Ended September 30, 2007
                                                              Estimated                                    Total
                                        Qualcomm      Share-Based    In-Process            Qualcomm
                                        Pro Forma    Compensation        R&D        QSI         (GAAP)
         Net cash
          provided (used)
          by operating
          activities              $4,252         $(240)(a)         $(10)    $(191)    $3,811
         Less:  capital
          expenditures              (726)              -                    -         (92)        (818)
         Free cash flow         $3,526         $(240)              $(10)    $(283)    $2,993
         Other supplemental
          cash disclosures:
              Cash transfers
                from QSI(1)            $55              $-                  $-        $(55)          $-
              Cash transfers
                to QSI(2)              (358)              -                    -         358              -
              Net cash
                transfers            $(303)            $-                  $-        $303            $-
         (1) Cash from loan payments and sale of equity securities.
         (2) Funding for strategic debt and equity investments, capital
                expenditures and other QSI operating expenses.
                                                                Three Months Ended September 24, 2006
                                                                              Estimated                  Total
                                                         Qualcomm      Share-Based                Qualcomm
                                                         Pro Forma    Compensation    QSI      (GAAP)
         Net cash provided (used) by
          operating activities                 $1,007         $(27)(a)      $(28)      $952
         Less:  capital expenditures          (100)            -              (29)      (129)
         Free cash flow                                $907         $(27)          $(57)      $823
                                                          Twelve Months Ended September 24, 2006
                                                                              Estimated                 Total
                                                         Qualcomm      Share-Based              Qualcomm
                                                         Pro Forma    Compensation    QSI    (GAAP)
         Net cash provided (used) by
          operating activities                 $3,746        $(403)(a)      $(90)  $3,253
         Less:  capital expenditures          (566)            -            (119)      (685)
         Free cash flow                            $3,180        $(403)         $(209)  $2,568
         (a) Incremental tax benefits from stock options exercised during the
                period.
                                              Qualcomm Incorporated
                                         CONSOLIDATED BALANCE SHEETS
                                  (In millions, except per share data)
                                                      (Unaudited)
                                                         ASSETS
                                                                          September 30,      September 24,
                                                                                 2007                      2006
                Current assets:
                  Cash and cash equivalents                  $2,411                  $1,607
                  Marketable securities                          4,170                    4,114
                  Accounts receivable, net                         715                        700
                  Inventories                                              469                        250
                  Deferred tax assets                                 435                        235
                  Collateral held under
                    securities lending                                 421                          -
                  Other current assets                                200                        143
                                Total current assets                8,821                    7,049
                Marketable securities                              5,234                    4,228
                Property, plant and equipment, net         1,788                    1,482
                Goodwill                                                  1,325                    1,230
                Deferred tax assets                                    318                        512
                Other assets                                            1,009                        707
                                Total assets                         $18,495                 $15,208
                                  LIABILITIES AND STOCKHOLDERS' EQUITY
                Current liabilities:
                  Trade accounts payable                          $635                      $420
                  Payroll and other benefits
                    related liabilities                                311                        273
                  Unearned revenue                                      218                        197
                  Income taxes payable                                119                        137
                  Obligation under securities
                    lending                                                  421                          -
                  Other current liabilities                        554                        395
                              Total current liabilities         2,258                    1,422
                Unearned revenue                                         142                        141
                Other liabilities                                        260                        239
                              Total liabilities                      2,660                    1,802
                Stockholders' equity:
                  Preferred stock, $0.0001 par value;
                    issuable in series; 8 shares
                    authorized; none outstanding at
                    September 30, 2007 and
                    September 24, 2006                                    -                          -
                  Common stock, $0.0001 par value;
                    6,000 shares authorized; 1,646 and
                    1,652 shares issued and outstanding
                    at September 30, 2007 and
                    September 24, 2006, respectively              -                          -
                  Paid-in capital                                    7,057                    7,242
                  Retained earnings                                 8,541                    6,100
                  Accumulated other
                    comprehensive income                              237                         64
                              Total stockholders'
                                equity                                    15,835                  13,406
                              Total liabilities and
                                stockholders' equity            $18,495                 $15,208
                                                  Qualcomm Incorporated
                                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                        (In millions, except per share data)
                                                          (Unaudited)
                                                          Three Months Ended  Twelve Months Ended
                                                         September September  September September
                                                              30,          24,            30,          24,
                                                            2007         2006          2007         2006
                Revenues:
                  Equipment and services  $1,569        $1,264        $5,765      $4,776
                  Licensing and royalty
                    fees                                  737            735         3,106        2,750
                        Total revenues            2,306         1,999         8,871        7,526
                Operating expenses:
                  Cost of equipment and
                    services revenues              725            586         2,681        2,182
                  Research and development    481            411         1,829        1,538
                  Selling, general and
                    administrative                  323            321         1,478        1,116
                        Total operating
                         expenses                    1,529         1,318         5,988        4,836
                Operating income                    777            681         2,883        2,690
                Investment income, net          171            129            743          466
                Income before income taxes    948            810         3,626        3,156
                Income tax expense                 183          (196)         (323)        (686)
                Net income                         $1,131          $614        $3,303      $2,470
                Basic earnings per common
                 share                                 $0.68         $0.37         $1.99        $1.49
                Diluted earnings per common
                 share                                 $0.67         $0.36         $1.95        $1.44
                Shares used in per share
                 calculations:
                    Basic                              1,660         1,652         1,660        1,659
                    Diluted                          1,689         1,693         1,693        1,711
                Dividends per share paid    $0.14         $0.12         $0.52        $0.42
                Dividends per share
                 announced                          $0.14         $0.12         $0.52        $0.42@@end@@

@@start.t9@@                                                Qualcomm Incorporated
                                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                      (In millions)
                                                        (Unaudited)
                                                         Three Months Ended    Twelve Months Ended
                                                        September  September  September  September
                                                            30,            24,            30,            24,
                                                          2007          2006          2007          2006
      Operating Activities:
      Net income                                  $1,131         $614         $3,303        $2,470
      Adjustments to reconcile net
        income to net cash provided
        by operating activities:
          Depreciation and amortization    100            82              383            272
          Non-cash portion of share-based
            compensation expense                 117          127              488            495
          Incremental tax benefits from
            stock options exercised            (41)         (27)          (240)         (403)
          Net realized gains on
            marketable securities and
            other investments                      (49)         (42)          (222)         (136)
          (Gains) losses on derivative
            instruments                                 (2)          11                (2)            29
          Other-than-temporary losses on
            marketable securities and
            other investments                        16              3                27              24
          Equity in losses (gains) of
            investees                                      1            (1)                1              29
          Non-cash income tax expense
            (benefit)                                 (274)         139                91            514
          Other items, net                         (46)          (6)            (42)          (28)
      Changes in assets and
        liabilities, net of effects
        of acquisitions:
            Accounts receivable, net            46              7              (16)         (133)
            Inventories                                (87)          10            (234)          (71)
            Other assets                                41          (10)            (96)            15
            Trade accounts payable                82          (89)            209              51
            Payroll, benefits and other
              liabilities                                70          116              139              96
            Unearned revenue                        (62)          18                22              29
         Net cash provided by operating
          activities                                1,043          952          3,811         3,253
      Investing Activities:
         Capital expenditures                  (247)        (129)          (818)         (685)
         Purchases of available-for-sale
          securities                              (2,571)    (2,907)        (8,492)    (12,517)
         Proceeds from sale of
          available-for-sale
          securities                                1,744        2,937          7,998        10,853
         Maturities of held-to-maturity
          securities                                      -            60                 -            130
         Other investments and
          acquisitions, net of cash
          acquired                                      (19)         (17)          (249)         (407)
         Change in collateral held under
          securities lending                    (268)            -            (421)              -
         Other items, net                            71            (6)              84                3
         Net cash used by investing
          activities                              (1,290)         (62)        (1,898)      (2,623)
      Financing Activities:
         Proceeds from issuance of
          common stock                                 82            69              556            692
         Incremental tax benefits from
          stock options exercised                41            27              240            403
         Repurchase and retirement of
          common stock                          (1,218)        (335)        (1,482)      (1,500)
         Proceeds from put options                -              -                17              11
         Dividends paid                            (230)        (198)          (862)         (698)
         Change in obligation under
          securities lending                      268              -              421                -
         Other items, net                            (1)            -                (1)              -
         Net cash used by financing
          activities                              (1,058)        (437)        (1,111)      (1,092)
         Effect of exchange rate
          changes on cash                              -            (1)                2              (1)
      Net (decrease) increase in cash
        and cash equivalents                 (1,305)         452              804          (463)
      Cash and cash equivalents at
        beginning of period                    3,716        1,155          1,607         2,070
      Cash and cash equivalents at
        end of period                            $2,411      $1,607         $2,411        $1,607@@end@@

    Web site: http://www.qualcomm.com

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

Contact:
John Gilbert, Vice President of Investor and Industry Analyst
Relations of Qualcomm Incorporated, +1-858-658-4813, or
+1-858-651-9303, fax, ir@qualcomm.com



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