Qualcomm reported quarterly revenue of $2.67 billion, up 6 percent year-over-year and down 1 percent sequentially. Net income was $841 million, up 147 percent year-over-year and 5 percent sequentially.
“As anticipated, we have seen a competitive pricing environment in the chipset market and are proactively managing within this dynamic to grow our market share. A subdued economic recovery in developed regions, including Europe and Japan, combined with relative strength at the lower end of the market, is changing our estimated 3G device average selling price and chipset mix for this fiscal year. Accordingly, we are modestly reducing our fiscal year revenue estimates to reflect this near-term market situation, but are maintaining our earnings per share guidance,” stated Dr. Paul E. Jacobs, chairman and CEO of Qualcomm.
“The fundamental drivers of our business remain strong. We are confident that 3G will continue to develop as anticipated, and we continue to invest in innovative new products, such as Snapdragon, FLO TV(TM), mirasol and next-generation technologies, to enhance our leadership position and capitalize on this growth.”http://www.qualcomm.com
