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23.01.2008 – 22:41

Qualcomm Incorporated

Qualcomm Announces First Quarter Fiscal 2008 Results

    San Diego (ots/PRNewswire)

    - Revenues US$2.44 Billion, Diluted EPS US$0.46

    - Pro Forma Diluted EPS US$0.52, up 21 percent year-over-year

    - Reaffirms Fiscal 2008 Pro Forma Earnings Guidance

    Qualcomm Incorporated (Nasdaq: QCOM) today announced results for the  first fiscal quarter of 2008 ended December 30, 2007.

    Total Qualcomm (GAAP) First Quarter Results

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

@@start.t1@@      -- Revenues:  US$2.44 billion, up 21 percent year-over-year and 6 percent
      -- Net income:  US$767 million, up 18 percent year-over-year and down 32
          percent sequentially.(i)
      -- Diluted earnings per share:  US$0.46, up 21 percent year-over-year and
          down 31 percent sequentially.(i)
      -- Effective tax rate:  18 percent for the quarter. Fiscal 2008 estimated
          tax rate of approximately 17 percent.
      -- Estimated share-based compensation:  US$85 million, net of tax, down 2
            percent year-over-year and up 9 percent sequentially.
      -- Operating cash flow:  US$880 million, up 12 percent year-over-year; 36
          percent of revenues.
      -- Return of capital to stockholders:  In the quarter, dividends
          announced totaled US$228 million, or US$0.14 per share, which were
          paid January 4, 2008 and US$900 million related to the repurchase of
          common stock.@@end@@

    (i) The sequential decrease in net income and diluted earnings per share for total Qualcomm (GAAP) is due to a US$331 million tax benefit recorded in the fourth fiscal quarter of 2007 as a result of completing audits of prior years' tax returns.

    Qualcomm Pro Forma First Quarter 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@@      -- Revenues:  US$2.44 billion, up 21 percent year-over-year and 6 percent
      -- Net income:  US$872 million, up 21 percent year-over-year and down 4
          percent sequentially.
      -- Diluted earnings per share:  US$0.52, up 21 percent year-over-year and
          down 4 percent sequentially; excludes US$0.01 loss per share
          attributable to the QSI segment and US$0.05 loss per share
          attributable to certain estimated share-based compensation.
      -- Effective tax rate:  22 percent for the quarter.  Fiscal 2008
          estimated tax rate of approximately 21 percent.
      -- Free cash flow:  US$908 million, up 67 percent year-over-year; 37
          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 www.qualcomm.com.

    "We are pleased to report another strong quarter as the demand for CDMA-based devices, applications and services continues to accelerate around the world," said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. "We continue to work closely with our partners to successfully provide the innovative wireless products and services consumers demand. Our results reflect another record quarter of chipset shipments and a 21 percent year-over-year growth in both revenues and pro forma earnings per share."

    "Our continued focus on execution allows us to deliver excellent financial results despite the impact of defending our business model. The fundamental drivers of our business remain strong, and based on our current business outlook, we are pleased to reaffirm our fiscal 2008 pro forma earnings per share guidance."

    Cash and Marketable Securities

    Qualcomm's cash, cash equivalents and marketable securities totaled approximately US$11.3 billion at the end of the first quarter of fiscal 2008, compared to US$11.8 billion at the end of the fourth quarter of fiscal 2007 and US$10.5 billion a year ago. As of December 30, 2007, US$670 million remained authorized for repurchases under our stock repurchase program, net of a put option outstanding which could require us to repurchase 2.5 million shares of our common stock for approximately US$94 million. Since December 30, 2007, we have repurchased and retired more than 17.7 million shares of our common stock for approximately US$668 million. On January 16, 2008, we announced a cash dividend of US$0.14 per share payable on March 28, 2008 to stockholders of record at the close of business on February 29, 2008.

    Estimated Share-Based Compensation

    Total Qualcomm (GAAP) net income for the first quarter of fiscal 2008 included estimated share-based compensation, net of tax, of US$85 million or US$0.05 per diluted share. This compares to US$87 million, or US$0.05 per diluted share, in the prior year quarter.

@@start.t3@@      Research and Development
      (All figures in US$ unless otherwise noted)
                                                  Qualcomm    Based                                    Total
                                                        Pro      Compensa-  In-Process         Qualcomm
      ($ in millions)                        Forma        tion          R&D         QSI      (GAAP)
      First quarter fiscal 2008         $430        $57            $2          $22         $511
      As a % of revenue                        18%                                        N/M          21%
      First quarter fiscal 2007         $365        $58            $-          $17         $440
      As a % of revenue                        18%                                                        22%
      Year-over-year change ($)          18%        (2%)                                         16%@@end@@

    Pro forma R&D expenses increased 18 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 devices, 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
                                                                                    Share-                  Total
                                                                 Qualcomm      Based                 Qualcomm
                                                                Pro Forma Compensation  QSI      (GAAP)
      ($ in millions)
      First quarter fiscal 2008                        $308         $58          $23        $389
      As a % of revenue                                      13%                         N/M         16%
      First quarter fiscal 2007                        $282         $62          $25        $369
      As a % of revenue                                      14%                                        18%
      Year-over-year change ($)                          9%         (6%)                         5%@@end@@

    Pro forma selling, general and administrative (SG&A) expenses increased 9 percent year-over-year, primarily attributable to an increase in employee related expenses, partially offset by a decrease in bad debt expense. QSI SG&A expenses were primarily related to MediaFLO USA.

    Effective Income Tax Rate

    Our fiscal 2008 effective income tax rates are estimated to be 17 percent for total Qualcomm (GAAP) and 21 percent for Qualcomm pro forma, consistent with our prior guidance. The first quarter Qualcomm (GAAP) and pro forma effective tax rates of 18 percent and 22 percent, respectively, are higher than the expected annual effective tax rates primarily due to the revaluation of deferred tax assets.

    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 first quarter of fiscal 2008 included $0.01 loss per share for the QSI segment. The first quarter of fiscal 2008 QSI results included $66 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.

    We continue to be engaged in litigation with Broadcom Corporation in various forums. On December 31, 2007, the Federal District Court in Santa Ana, California issued an injunction as to certain of our products, while enjoining but mandating a limited license with respect to other products. We continue the effort to design products to avoid the claims of the patents found by the jury to infringe Broadcom's patents. We have already announced that we expect devices to be available before the end of the first calendar quarter of 2008 that incorporate our chipsets which do not include the accused function of the 6,847,686 patent. We have filed a motion for stay and a motion asking that the judge clarify certain portions of his ruling, and we intend to appeal the adverse findings in this case. We have included our estimate of the impact of this ruling in our outlook for fiscal 2008.

    The following table summarizes total Qualcomm (GAAP) and Qualcomm pro forma guidance for the second 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
                                                              Q2'07                                 Q2'08
                                                            Results                              Estimates
         Qualcomm Pro Forma
         Revenues                                      $2.22B                            $2.4B - $2.5B
         Year-over-year change                                                 increase 8% - 13%
         Diluted earnings per
          share (EPS)                                 $0.50                            $0.50 - $0.52
         Year-over-year change                                                even - increase 4%
         Total Qualcomm (GAAP)
         Revenues                                      $2.22B                            $2.4B - $2.5B
         Year-over-year change                                                 increase 8% - 13%
         Diluted earnings per
          share (EPS)                                 $0.43                            $0.42 - $0.44
         Year-over-year change                                    decrease 2% - increase 2%
         Diluted EPS attributable
          to QSI                                        ($0.01)                                      ($0.02)
         Diluted EPS attributable to
          estimated share-based
          compensation                              ($0.05)                                      ($0.06)
         Diluted EPS attributable
          to in-process R&D                      ($0.01)                                          n/a
         MSM shipments                        approx. 61M                    approx. 80M - 85M
         CDMA/WCDMA devices
          shipped (1)                  approx. 88M(a)(2)              approx. 112M -118M(a)
         CDMA/WCDMA device
          wholesale average
          selling price (1)        approx. $213(a)(2)                        approx. $216(a)
         (a) Shipments in Dec.
                quarter, reported
                in Mar. quarter
                                                                            Prior                  Current
                                                                          Guidance                Guidance
                                                FY 2007                FY 2008                  FY 2008
                                            Results (3)          Estimates(4)         Estimates(4)
         Qualcomm Pro Forma
         Revenues                         $8.87B            $9.5B - $9.9B         $9.6B - $10.0B
         Year-over-year change                    increase 7% - 12%    increase 8% - 13%
         Diluted earnings per
          share (EPS)                    $2.01            $2.01 - $2.07          $2.01 - $2.07
         Year-over-year change                  even - increase 3%  even - increase 3%
         Total Qualcomm (GAAP)
         Revenues                         $8.87B            $9.5B - $9.9B         $9.6B - $10.0B
         Year-over-year change                    increase 7% - 12%    increase 8% - 13%
         Diluted earnings
          per share (EPS)              $1.95            $1.66 - $1.72          $1.67 - $1.73
         Year-over-year change                  decrease 12% - 15%  decrease 11% - 14%
         Diluted EPS
          attributable to QSI      ($0.08)                      ($0.14)                  ($0.12)
         Diluted EPS
          attributable to
          estimated share-based
          compensation                 ($0.19)                      ($0.21)                  ($0.22)
         Diluted EPS attributable
          to in-process R&D         ($0.01)                          n/a                      $0.00
         Diluted EPS
          attributable to tax
          items related to
          prior years                    $0.22                            n/a                         n/a
         Fiscal year(b) CDMA/
          WCDMA device
          wholesale average
          price (1)         approx. $214 (2)          approx. $199            approx. $203
         (b) Shipments in Sept.
                to June quarters,
                reported in Dec.
                to Sept.

@@start.t6@@      CALENDAR YEAR Device Estimates (1)(2)
                                      Prior                 Current          Prior            Current
                                    Guidance              Guidance        Guidance         Guidance
                                    Calendar              Calendar        Calendar         Calendar
                                      2007                      2007              2008                2008
                                  Estimates            Estimates        Estimates        Estimates
          quarter            approx. 86M            approx. 86M         not              not
                                                                                         provided      provided
          quarter          approx.  89M            approx. 89M         not              not
                                                                                         provided      provided
          quarter  approx. 95M - 98M            approx. 95M         not              not
                                                                                         provided      provided
          quarter              not          approx. 112M - 118M         not              not
                                 provided                                          provided      provided
          year range
          (approx.)         385M - 395M            382M - 388M  492M - 522M 492M - 522M
                                Midpoint          Midpoint          Midpoint            Midpoint
          units         approx. 390M    approx. 385M    approx. 507M      approx. 507M
         CDMA units  approx. 208M    approx. 208M    approx. 223M      approx. 223M
          units         approx. 182M    approx. 177M    approx. 284M      approx. 284M
      (1)CDMA/WCDMA device 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 device
          shipments and average selling prices (ASPs) should be adjusted for
          certain periods. The adjustments related only to device 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, as of November 14, 2007,
          we estimated to be approximately $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 which, as of December 20, 2007, we estimated to be
          approximately $0.25-$0.30 diluted earnings per share.
      Sums may not equal totals due to rounding.
      Results of Business Segments (in millions, except per share data):
      First Quarter - Fiscal Year 2008
                                                                                         Reconciling      Pro
      Segments                                      QCT      QTL    QWI        Items (1)      Forma
      Revenues                                    $1,574  $650  $210          $5            $2,439
      Change from prior year                  28%      8%    12%         N/M                 21%
      Change from prior quarter              11%      0%  (14%)        N/M                  6%
      EBT                                                $470  $541    $24         $76            $1,111
      Change from prior year                  49%      9%    20%         N/M                 17%
      Change from prior quarter              11%      1%  (23%)        N/M                 (2%)
      EBT as a % of revenues                  30%    83%    11%         N/M                 46%
      Net income (loss)                                                                                 $872
      Change from prior year                                                                          21%
      Change from prior quarter                                                                      (4%)
      Diluted EPS                                                                                         $0.52
      Change from prior year                                                                          21%
      Change from prior quarter                                                                      (4%)
      Diluted shares used                                                                            1,664@@end@@

@@start.t7@@                                                                Estimated
                                                                 Share-          In-                    Total
                                                                 Based         Process                Qualcomm
                                                              Compensation    R&D        QSI(3)  (GAAP)
      Segments                                                 (2)
      Revenues                                                 $-                $-          $1    $2,440
      Change from prior year                                                          N/M         21%
      Change from prior quarter                                                        0%          6%
      EBT                                                    $(124)            $(2)      $(55)      $930
      Change from prior year                          5%              N/A        (28%)        19%
      Change from prior quarter                    (6%)            N/A         14%         (2%)
      EBT as a % of revenues                         N/A              N/A         N/M         38%
      Net income (loss)                                $(84)            $(1)      $(20)      $767
      Change from prior year                          2%              N/A          5%         18%
      Change from prior quarter                    (9%)            N/A         41%        (32%)
      Diluted EPS                                      $(0.05)              $-    $(0.01)    $0.46
      Change from prior year                          0%              N/A          0%         21%
      Change from prior quarter                      0%              N/A         50%        (31%)
      Diluted shares used                          1,664          1,664      1,664      1,664
      Fourth Quarter - Fiscal Year 2007
                                                                                         Reconciling        Pro
      Segments                                      QCT      QTL    QWI        Items (1)        Forma
      Revenues                                  $1,419  $647    $245        $(6)              $2,305
      EBT                                                424    537        31        137                 1,129
      Net income (loss)                                                                                    911
      Diluted EPS                                                                                          $0.54
      Diluted shares used                                                                              1,689
                                                                  Share-                                  Total
                                                                  Based         Tax                    Qualcomm
                                                            Compensation  Items    QSI (3)    (GAAP)
      Segments                                                 (2)          (4)
      Revenues                                                  $-          $-              $1    $2,306
      EBT                                                        (117)          -            (64)        948
      Net income (loss)                                  (77)        331            (34)    1,131
      Diluted EPS                                        $(0.05)    $0.20        $(0.02)    $0.67
      Diluted shares used                            1,689      1,689         1,689      1,689
      First Quarter - Fiscal Year 2007
                                                                                         Reconciling        Pro
      Segments                                      QCT      QTL    QWI        Items (1)        Forma
      Revenues                                  $1,230  $600    $188         $1                $2,019
      EBT                                                316    498        20        118                    952
      Net income (loss)                                                                                    722
      Diluted EPS                                                                                          $0.43
      Diluted shares used                                                                              1,685
                                                                      Share-                                 Total
                                                                      Based         Tax                 Qualcomm
                                                                Compensation  Items  QSI (3)    (GAAP)
      Segments                                                    (2)
      Revenues                                                        $-         $-          $-        $2,019
      EBT                                                            (130)         -         (43)          779
      Net income (loss)                                        (86)        33         (21)          648
      Diluted EPS                                            $(0.05)  $0.02    $(0.01)        $0.38
      Diluted shares used                                 1,685    1,685      1,685         1,685
      Second Quarter - Fiscal Year 2007
                                                                                         Reconciling        Pro
      Segments                                      QCT      QTL    QWI        Items (1)        Forma
      Revenues                                 $1,259    $759    $198         $5                $2,221
      EBT                                              368      636        20         82                 1,106
      Net income (loss)                                                                                    838
      Diluted EPS                                                                                          $0.50
      Diluted shares used                                                                              1,693
                                                                  Share-         In-                    Total
                                                                  Based        Process                Qualcomm
                                                              Compensation    R&D        QSI(3)  (GAAP)
      Segments                                                 (2)
      Revenues                                                  $-              $-          $-    $2,221
      EBT                                                        (126)          (10)        (42)        928
      Net income (loss)                                  (83)            (9)        (20)        726
      Diluted EPS                                        $(0.05)      $(0.01)  $(0.01)    $0.43
      Diluted shares used                            1,693         1,693      1,693      1,693@@end@@

@@start.t8@@      Twelve Months - Fiscal Year 2007
                                                                                          Reconciling      Pro
      Segments                                    QCT        QTL        QWI        Items (1)    Forma
      Revenues                                 $5,275    $2,772    $828         $(5)         $8,870
      EBT                                          1,547      2,340        88         388            4,363
      Net income (loss)                                                                                 3,406
      Diluted EPS                                                                                          $2.01
      Diluted shares used                                                                              1,693
                                                  Share-                              In-                 Total
                                                  Based                Tax        Process          Qualcomm
      Segments                         Compensation(2)  Items(4)      R&D        QSI    (GAAP)
      Revenues                                 $-                    $-            $-         $1    $8,871
      EBT                                      (487)                    -          (10)    (240)    3,626
      Net income (loss)                (321)                 364            (9)    (137)    3,303
      Diluted EPS                      $(0.19)              $0.22      $(0.01) $(0.08)    $1.95
      Diluted shares used          1,693                1,693        1,693    1,693      1,693
      (1)  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.
      (2)  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.
      (3)  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).
      (4)  During the fourth quarter of fiscal 2007, the Company recorded a
              $331 million tax benefit, or $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.
      N/M - Not Meaningful
      N/A - Not Applicable
      Sums may not equal totals due to rounding.@@end@@

    Conference Call

    Qualcomm's first quarter fiscal 2008 earnings conference call will be broadcast live on January 23, 2008 beginning at 1:45 p.m. Pacific Standard Time (PST) on the Company's web site at: 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 www.qualcomm.com immediately prior to commencement of the call. A taped audio replay will be available via telephone on January 23, 2008 beginning at approximately 5:30 p.m. (PST) through February 23, 2008 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 28814084. An audio replay of the conference call will be available on the Company's web site at 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 (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 a bonus program that may result in the issuance of unrestricted shares of the Company's common stock, 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; 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; our dependence on major customers and licensees; 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) 2008 Qualcomm Incorporated. All rights reserved. Qualcomm is a registered trademark of Qualcomm Incorporated. MediaFLO and FLO are trademarks of Qualcomm Incorporated. CDMA2000 is a registered trademark of the Telecommunications Industry Association. All other trademarks are the property of their respective owners.

@@start.t9@@                                                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)
                                              Three Months Ended December 30, 2007
                                Qualcomm      Estimated                                         Total
                                  Pro         Share-Based        In-Process              Qualcomm
                                 Forma      Compensation(a)        R&D          QSI      (GAAP)
         Equipment and
          services         $1,702              $-                    $-            $1      $1,703
         Licensing and
          royalty fees        737                -                      -              -          737
                 revenues    2,439                -                      -              1        2,440
         Cost of
          and services
          revenues              753                9                      -            21          783
         Research and
          development         430              57                      2            22          511
         Selling, general
          administrative    308              58                      -            23          389
                 expenses    1,491            124                      2            66        1,683
      Operating income
        (loss)                    948          (124)                  (2)         (65)         757
        income, net            163(b)          -                      -            10(c)      173
      Income (loss)
        income taxes        1,111          (124)                  (2)         (55)         930
      Income tax
        benefit                 (239)(d)        40                      1            35(e)    (163)(d)
      Net income
        (loss)                  $872          $(84)                 $(1)        $(20)        $767
      Earnings (loss) per
        common share:
          Diluted            $0.52        $(0.05)            $(0.00)    $(0.01)      $0.46
      Shares used
        in per
          Diluted            1,664         1,664                1,664        1,664        1,664
      Supplemental Financial Data:
      Operating Cash
        Flow                  $1,014          $(48)(g)            $(2)        $(84)        $880
      Operating Cash
        Flow as a %
        of Revenues            42%                                                    N/M            36%
      Free Cash Flow(f)  $908          $(48)(g)            $(2)      $(105)        $753
      Free Cash Flow
        as a % of
        Revenues                 37%                                                    N/M            31%
      (a)  Estimated share-based compensation presented above and excluded from
              pro forma results did not include $1 million, net of tax, related to
              share-based awards granted under a bonus program that may result in
              the issuance of unrestricted shares of the Company's common stock.
      (b)  Included $152 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, $71 million in
              net realized gains on investments and $2 million in gains on
              derivative instruments from net decreases in the fair value of the
              put option liabilities related to our share repurchase program,
              partially offset by $57 million in other-than-temporary losses on
              investments and $5 million in interest expense.
      (c)  Included $11 million in net realized gains on investments and $1
              million in interest and dividend income, partially offset by $2
              million in interest expense.
      (d)  The first quarter of fiscal 2008 tax rates were approximately 18%
              for total Qualcomm (GAAP) and approximately 22% for Qualcomm pro
      (e)  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).
      (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 three months
              ended December 30, 2007, included herein.
      (g)  Incremental tax benefits from stock options exercised during the

@@start.t10@@                                          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)
                                                 Three Months Ended December 30, 2007
                                  Qualcomm      Estimated                                          Total
                                      Pro         Share-Based        In-Process                Qualcomm
                                    Forma      Compensation            R&D          QSI        (GAAP)
         Net cash
          (used) by
          activities         $1,014        $(48)(a)              $(2)         $(84)        $880
         Less:  capital
          expenditures         (106)          -                        -            (21)        (127)
         Free cash flow        $908        $(48)                  $(2)        $(105)        $753
              Cash transfers
                from QSI(1)        $4            $-                      $-            $(4)          $-
              Cash transfers
                to QSI (2)      (113)            -                        -            113              -
              Net cash
                transfers      $(109)          $-                      $-          $109            $-
         (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 December 31, 2006
                                                                    Estimated                    Total
                                                Qualcomm      Share-Based                 Qualcomm
                                                Pro Forma    Compensation      QSI      (GAAP)
         Net cash provided
          (used) by operating
          activities                        $834              $(32)(a)      $(13)      $789
         Less:  capital
          expenditures                    (290)                 -              (32)      (322)
         Free cash flow                  $544              $(32)          $(45)      $467
         (a) Incremental tax benefits from stock options exercised during the
                                                 Qualcomm Incorporated
                                  CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (In millions, except per share data)
                                                                            December 30,      September 30,
                                                                                  2007                    2007
                Current assets:
                  Cash and cash equivalents                        $2,968                 $2,411
                  Marketable securities                                4,100                  4,170
                  Accounts receivable, net                              703                      715
                  Inventories                                                  522                      469
                  Deferred tax assets                                      327                      435
                  Collateral held under
                    securities lending                                      283                      421
                  Other current assets                                    195                      200
                                Total current assets                    9,098                  8,821
                Marketable securities                                  4,265                  5,234
                Property, plant and equipment,
                 net                                                              1,794                  1,788
                Goodwill                                                        1,499                  1,325
                Deferred tax assets                                         606                      318
                Other assets                                                 1,086                  1,009
                                Total assets                              $18,348                $18,495@@end@@

@@start.t11@@                                 LIABILITIES AND STOCKHOLDERS' EQUITY
                Current liabilities:
                  Trade accounts payable                                $536                      $635
                  Payroll and other benefits
                    related liabilities                                    299                        311
                  Dividends payable                                         228                          -
                  Unearned revenues                                         206                        218
                  Income taxes payable                                      52                        119
                  Obligations under securities
                    lending                                                        283                        421
                  Other current liabilities                            513                        554
                              Total current liabilities              2,117                    2,258
                Unearned revenues                                            137                        142
                Income taxes payable                                        194                          -
                Other liabilities                                            290                        260
                              Total liabilities                          2,738                    2,660
                Stockholders' equity:
                  Preferred stock, $0.0001 par
                    value; issuable in series;
                    8 shares authorized; none
                    outstanding at December 30, 2007 and
                    September 30, 2007                                         -                          -
                  Common stock, $0.0001 par
                    value; 6,000 shares
                    authorized; 1,629 and 1,646 shares
                    issued and outstanding at
                    December 30, 2007 and September 30,
                    2007, respectively                                         -                          -
                  Paid-in capital                                         6,400                    7,057
                  Retained earnings                                      9,076                    8,541
                  Accumulated other
                    comprehensive income                                  134                        237
                              Total stockholders' equity          15,610                  15,835
                              Total liabilities and
                                stockholders' equity                 $18,348                 $18,495
                                              Qualcomm Incorporated
                                    (In millions, except per share data)
                                                                                      Three Months Ended
                                                                              December 30,      December 31,
                                                                                    2007                    2006
                        Equipment and services                        $1,703                  $1,342
                        Licensing and royalty fees                      737                        677
                            Total revenues                                 2,440                    2,019
                    Operating expenses:
                        Cost of equipment and
                         services revenues                                  783                        634
                        Research and development                         511                        440
                        Selling, general and
                         administrative                                        389                        369
                            Total operating expenses                 1,683                    1,443
                    Operating income                                         757                        576
                    Investment income, net                                173                        203
                    Income before income taxes                         930                        779
                    Income tax expense                                    (163)                    (131)
                    Net income                                                 $767                      $648
                    Basic earnings per common share              $0.47                    $0.39
                    Diluted earnings per common share          $0.46                    $0.38
                    Shares used in per share
                         Basic                                                  1,635                    1,653
                         Diluted                                                1,664                    1,685
                    Dividends per share paid                              $-                         $-
                    Dividends per share announced                 $0.14                    $0.12@@end@@

@@start.t12@@                                              Qualcomm Incorporated
                                                    (In millions)
                                                                                        Three Months Ended
                                                                                December 30,    December 31,
                                                                                    2007                    2006
      Operating Activities:
      Net income                                                              $767                    $648
      Adjustments to reconcile net income
        to net cash provided by
                 operating activities:
          Depreciation and amortization                            108                        91
          Non-cash income tax expense                                 72                        54
          Non-cash portion of share-based
            compensation expense                                         125                      130
          Incremental tax benefits from
            stock options exercised                                    (48)                    (32)
          Net realized gains on marketable
            securities and other investments                      (82)                    (64)
          Other-than-temporary losses on
            marketable securities
                 and other investments                                    57                         1
          Other items, net                                                    4                         4
      Changes in assets and liabilities,
        net of effects of acquisitions:
            Accounts receivable, net                                    43                        (9)
            Inventories                                                        (47)                    (81)
            Other assets                                                        11                      (98)
            Trade accounts payable                                      (77)                      47
            Payroll, benefits and other liabilities          (35)                      38
            Unearned revenues                                              (18)                      60
         Net cash provided by operating activities          880                      789
      Investing Activities:
         Capital expenditures                                          (127)                  (322)
         Purchases of available-for-sale
          securities                                                      (1,684)                (1,673)
         Proceeds from sale of available-
          for-sale securities                                         2,492                  2,436
         Other investments and acquisitions,
          net of cash acquired                                         (229)                  (220)
         Change in collateral held under
          securities lending                                              138                         -
         Other items, net                                                      -                        (2)
         Net cash provided by investing
          activities                                                          590                      219
      Financing Activities:
         Proceeds from issuance of common
          stock                                                                    77                        97
         Incremental tax benefits from stock
          options exercised                                                 48                        32
         Repurchase and retirement of common stock         (900)                    (96)
         Change in obligations under
          securities lending                                            (138)                        -
         Other items, net                                                    (1)                        -
         Net cash (used) provided by
          financing activities                                         (914)                      33
         Effect of exchange rate changes on cash                 1                         1
      Net increase in cash and cash
        equivalents                                                            557                  1,042
      Cash and cash equivalents at
        beginning of period                                            2,411                  1,607
      Cash and cash equivalents at end of period        $2,968                 $2,649
      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@@end@@

    Web site: http://www.qualcomm.com

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

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

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