QUALCOMM Inc. Earnings: Higher-Than-Expected Net Income

S&P 500 (NYSE:SPY) component QUALCOMM Incorporated (NASDAQ:QCOM) reported net income above Wall Street’s expectations for the first quarter. Qualcomm designs and manufactures digital wireless telecommunications products and services based on its CDMA technology and other technologies.

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QUALCOMM Incorporated Earnings Cheat Sheet for the First Quarter

Results: Net income for the communication equipment company rose to $1.4 billion (81 cents per share) vs. $1.17 billion (71 cents per share) in the same quarter a year earlier. This marks a rise of 19.7% from the year earlier quarter.

Revenue: Rose 39.8% to $4.68 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: QUALCOMM Incorporated reported adjusted net income of 97 cents per share. By that measure, the company beat the mean estimate of 81 cents per share. It beat the average revenue estimate of $4.57 billion.

Quoting Management: “I am pleased to report another record quarter with revenues, earnings and MSM shipments reaching all-time highs, driven by our industry-leading chipset portfolio and the continued strong demand for smartphones around the world,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012. We continue to invest in innovative wireless technologies, products and services, and we are excited about the opportunities ahead as 3G and 4G continue to expand across new device types and geographies.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 36.8%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 45.5% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 22.1% and in the third quarter of the last fiscal year, the figure rose 34.9%.

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 68 cents versus a mean estimate of net income of 69 cents per share.

Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 80 cents per share from 79 cents. For the fiscal year, the average estimate has moved up from $3.14 a share to $3.23 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com