Qualcomm's first-quarter earnings report: net profit fell 24% year-on-year

Beijing time on January 28th morning news, Qualcomm today released the first fiscal quarter of fiscal 2016. The report showed that Qualcomm's first-quarter net profit was $1.5 billion, down 24% from $2 billion in the same period last year; revenue was $5.8 billion, down 19% from $7.1 billion in the same period last year. Qualcomm's first-quarter results exceeded Wall Street analysts' expectations, but its outlook for the second-quarter results failed to meet expectations, driving its share price to fall slightly.

In the quarter ended December 27, Qualcomm's net profit was $1.5 billion, down 24% from $2 billion in the same period last year and 41% from $1.1 billion in the previous quarter; diluted earnings per share were $0.99, down 15% from $1.17 in the same period last year and up 48% from $0.67 in the previous quarter. Qualcomm's first-quarter operating profit was $1.7 billion, down 18% from $2.1 billion in the same period last year and up 48% from $1.1 billion in the previous quarter.

Excluding special one-off items (not in accordance with US GAAP), Qualcomm's first-quarter net profit was $1.5 billion, down 35% from $2.3 billion in the same period last year and $1.4 billion from the previous quarter. 3%; earnings per share were $0.97, down 28% from $1.34 in the same period last year and up 7% from $0.91 in the previous quarter, a performance that exceeded analysts' expectations. According to statistics from Yahoo Finance, analysts had expected Qualcomm's first-quarter earnings per share to be $0.90.

Qualcomm's first-quarter revenue was $5.8 billion, down 19% from $7.1 billion in the same period last year and 6% from $5.5 billion in the previous quarter. This performance also exceeded analysts' expectations. According to statistics from Yahoo Finance, analysts had expected Qualcomm's first-quarter revenue to be $5.99 billion.

Qualcomm’s revenue from equipment and services for the first quarter was $4.087 billion, down from $5.216 billion in the same period last year; revenue from authorized revenues was $1.688 billion, down from $1.883 billion in the same period last year. Qualcomm's total operating costs and expenses for the first quarter were $4.09 billion, down from $5.035 billion in the same period last year. Among them, equipment and service revenue costs are 2.534 billion

US dollars, down from US$3.047 billion in the same period last year; R&D expenditure was US$1.352 billion, unchanged from the same period last year; sales, general and administrative expenses were US$576 million, down from US$583 million in the same period last year; other income was 374 million The US dollar, compared to other spending in the same period last year, was $53 million.

Qualcomm CDMA Technology Group's first-quarter revenue was $4.096 billion, down 23% year-on-year, up 13% from the previous quarter; pre-tax profit was $590 million, down 49% year-on-year and 111% higher than the previous quarter. . Qualcomm Technology Licensing Group's first-quarter revenue was $1.607 billion, down 12% year-on-year and 10% from the previous quarter. Profit before tax was $1.339 billion, down 15% year-on-year and 10% lower than the previous quarter. . Qualcomm's non-compliant US GAAP revenues were $63 million, a 54% increase from the previous year and a 50% increase from the previous quarter; the pre-tax loss was $150 million.

Qualcomm's first-quarter operating cash flow was $2.7 billion, up 16% from $2.4 billion in the same period last year and 63% from $1.7 billion in the previous quarter. As of December 28, 2015, Qualcomm held cash, cash equivalents and marketable securities totaling $30.6 billion, compared to $31.6 billion at the end of the first fiscal quarter of fiscal 2015, as of the fourth fiscal quarter of fiscal 2015. The end is $30.9 billion. Qualcomm's effective income tax rate for the first quarter was 13%, and the effective income tax rate for non-GAAP was 17%. Qualcomm expects an effective income tax rate of approximately 17% for FY2016 and an effective income tax rate of approximately 18% for non-GAAP.

Qualcomm expects revenue for the second fiscal quarter of fiscal 2016 to be $4.9 billion to $5.7 billion, down 17% to 29% year-on-year, with a value of $5.3 billion, which is less than analysts had expected. According to Yahoo Finance statistics, analysts on average expected Qualcomm's second-quarter revenue of 5.69 billion US dollars. Qualcomm expects second-quarter earnings per share to be $0.69 to $0.79, up 10% to 25% from the same period last year; not counting one-time items (not in accordance with US GAAP), Qualcomm expects second-quarter earnings per share From $0.90 to $1.00, it fell 29% to 36% from the same period last year, with a value of $0.95, which was less than analysts had expected. According to statistics from Yahoo Finance, analysts expect Qualcomm's second-quarter earnings per share to be $1.02.

On the same day, Qualcomm shares fell 0.99 US dollars in the Nasdaq regular trading, to close at 47.53 US dollars, a decrease of 2.04%. In the after-hours trading as of 17:05 EST (6:05 Beijing time), Qualcomm's share price fell again by $0.03 to $47.50, a decrease of 0.06%. In the past 52 weeks, Qualcomm's highest price was $74.09 and the lowest price was $44.39.