Qualcomm Delivers (QCOM)

Qualcomm (NASDAQ: QCOM) posted Dilued earnings per share of $0.46 EPS and non-GAAP EPS at $0.52 EPS on $2.44 Billion in revenues.  Estimates were $0.53 EPS on revenues of $2.41 Billion, according to First Call.  Guidance is as follows: 

• Qualcomm is guiding next quarter to $0.50 to $0.52 EPS on $2.4 to $2.5 Billion in revenues.  For the coming quarter estimates are $0.52 EPS on $2.44 Billion in revenues.
• Guidance for Fiscal 2008 is unchanged on EPS with a $2.01 to $2.07 but it now sees $9.6 to $10.0 Billion in revenues, up from $9.5 to $9.9 Billion; while Fiscal September-2008 estimates are $2.12 EPS on $9.83 Billion in revenues.

The company also ended with some $11.3 Billion in cash and equivalents at the end of the quarter.  In addition, it noted that it has repurchased and retired more than 17.7 million shares of our common stock for approximately $668 million.

We’ll have to go through the initial phone sales and the forecasts for 2008, but considering all of the legal woes the company is in it is an impressive quarter and the outlook is probably enough to please most.  Shares closed down 0.8% at $36.63 in normal trading, but shares are up 6% to $38.90 in after-hours trading.  The 52-week trading range is $35.17 to $47.72.

Jon C. Ogg
January 23, 2008