Qualcomm pulled off a record first fiscal quarter, smashing Wall Street expectations with a very optimistic outlook for 2012.
The chipset maker reported a first fiscal quarter net income of $1.40 billion, or 81 cents a share (statement). Non-GAAP earnings were 97 cents a share on a revenue of $4.68 billion, up 40 percent year-over-year.
Wall Street was looking for earnings of 90 cents a share on sales of $4.58 billion for the fiscal first quarter.
Chairman and CEO Dr. Paul E. Jacobs commented in prepared remarks about the boosted outlook as well as the contributing factors to the success in Q1 FY12:
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.
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.
For the outlook, Qualcomm is predicting a revenue between $4.6 billion and $5 billion at the end of Q2 FY12 with non-GAAP earnings between 91 cents and 97 cents a share.
By the numbers:
- September quarter device sales: Approximately $41.4 billion, a 22 percent increase year-over-year
- 3G/4G device shipments: Approximately 191 to 195 million units, at an estimated average selling price of approximately $212 to $218 per unit
- MSM shipments: 156 million units, up 32 percent year-over-year and 23 percent sequentially
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