Qualcomm Incorporated

Qualcomm Raises Financial Guidance for the First Fiscal Quarter of 2008

    San Diego (ots/PRNewswire) -

    - Increases First Quarter Fiscal 2008 Revenue and Earnings per Share  Guidance

    Qualcomm Incorporated (Nasdaq: QCOM) today updated its financial guidance for the first fiscal quarter ending December 30, 2007.

    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 that may  affect the forward looking statements.

    Pro Forma Defined

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

    Business Outlook

    Based on the current business outlook, we now anticipate first fiscal  quarter Qualcomm pro forma revenues to be at the high end of the prior  guidance of approximately US$2.3 to US$2.4 billion compared to  US$2.02 billion in the year ago quarter. We now anticipate first fiscal  quarter Qualcomm pro forma diluted earnings per share to be approximately  US$0.52 to US$0.53 compared to US$0.43 in the year ago quarter. This estimate  is based on the shipment of approximately 78 million Mobile Station Modem(TM)  (MSM(TM)) chips during the quarter as compared to our prior estimate of  74 to 78 million units. We previously anticipated first fiscal quarter Qualcomm pro forma diluted earnings per share of approximately US$0.50 to US$0.52.

    The majority of our licensees have reported royalties in the first fiscal quarter for products shipped in the September quarter. Based on  these reports and our own estimate of unreported activity, we anticipate  September quarter estimated shipments of approximately 95 million CDMA  units (CDMA2000(R) and WCDMA) for the total market at an estimated average  selling price of approximately US$211, compared to our prior estimate of  approximately 95 to 98 million units at an average selling price of  approximately US$212. Approximately 74 million CDMA units were shipped in  the year ago quarter.

    "Demand for CDMA-based devices and services continues to accelerate at  a rapid pace," said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. "Our updated guidance reflects stronger than anticipated demand across  all tiers of CDMA2000 chipsets with particular strength in the low end as  we continue to bridge the digital divide in emerging markets. September  quarter handset shipment estimates indicate strong year-over-year growth across all major regions as well as sequential growth in North America,  Europe and emerging markets. Even with this continued market growth, we  believe the worldwide CDMA inventory channel remains at less than 20 weeks."

    "Together with our partners we continue to innovate and bring many new  and exciting products and services to the global wireless marketplace. We  will continue to execute and drive growth in 3G convergence and next  generation wireless technologies."

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

    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 related to litigation matters unless damages have been  awarded by a court. The variability of our estimated quarterly CDMA device  volumes and ASPs may widen due to the increased use of our own estimates of unreported activity. Royalty revenue is recognized based on royalties reported by our licensees; therefore, such estimates of unreported activity  do not impact our ability to accurately report revenues.

    Despite recent credit market volatility, our diversified cash investment portfolio returns are not expected to change our earnings guidance for the first fiscal quarter of 2008.

    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.

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

@@start.t1@@                                              Business Outlook Summary
                                          (All currency in US dollars)
                                          Prior                  Prior                          Current
                                          Year                  Guidance                        Guidance
                                          Q1'07                    Q1'08                            Q1'08
                                         Results                Estimates                      Estimates
         Qualcomm Pro Forma
                                                                                                  At the high end
         Revenues                  $2.02B                $2.3B - $2.4B        of prior guidance
          change                                      increase 14% - 19%
         Diluted earnings
          per share (EPS)        $0.43                $0.50 - $0.52              $0.52 - $0.53
          change                                      increase 16% - 21%      increase 21% - 23%
         Total Qualcomm (GAAP)
                                                                                                  At the high end
         Revenues                  $2.02B                $2.3B - $2.4B        of prior guidance
          change                                      increase 14% - 19%
         Diluted earnings
          per share (EPS)        $0.38                $0.42 - $0.44              $0.45 - $0.46
          change                                      increase 11% - 16%      increase 18% - 21%
         Diluted EPS
          to QSI                    ($0.01)                         ($0.03)                      ($0.02)
         Diluted EPS
          to estimated
          compensation          ($0.05)                         ($0.05)                      ($0.05)
         Diluted EPS
          to tax items
          related to prior
          years                        $0.02                                 n/a                            n/a
         MSM Shipments  approx. 59M          approx. 74M - 78M                approx. 78M
          shipped (1)    approx. 74M(e) (2) approx. 95M  - 98M(e)  approx. 95M(e)
          price (1)      approx. $208(e) (2)        approx. $212(e)    approx. $211(e)
      (e) Shipments in Sept. quarter, reported in Dec. quarter
      (1)  CDMA/WCDMA handset unit shipments and average selling prices are
              provided 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 for Q1'07 have been revised to
              reflect these adjustments.@@end@@

    Sums may not equal totals due to rounding.

    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 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(TM) 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.t2@@                Reconciliation of Non-GAAP Financial Measure Related to Prior
                                  (In millions, except per share data)
      First Quarter - Fiscal Year 2007
                                        Qualcomm      Estimated                                        Total
                                            Pro        Share-Based            Tax                 Qualcomm
      Segments                        Forma    Compensation (1)    Items    QSI (2)  (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
      (1)  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.
      (2)  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.
        Qualcomm Contact:
        John Gilbert, Investor Relations
        Phone: +1-858-658-4813
        Email: ir@qualcomm.com@@end@@

    Web site: http://www.qualcomm.com

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

John Gilbert, Investor Relations of Qualcomm Incorporated,
+1-858-658-4813, ir@qualcomm.com

Weitere Meldungen: Qualcomm Incorporated

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