Wireless components giant Qualcomm significantly increased its revenue and income for the first fiscal quarter of 2008, officials said yesterday.
Income for the San Diego company’s quarter which ended Dec. 30, 2007, was $767 million on revenue of $2.44 billion, compared to $648 million from $2.02 billion in the first quarter of 2007. Earnings per share jumped to $0.46 from $0.38, and the company now has $11.3 billion in cash and assets.
“We are pleased to report another strong quarter as the demand for CDMA-based devices, applications and services continues to accelerate around the world,” CEO Paul Jacobs said in a prepared statement. “Our results reflect another record quarter of chipset shipments and a 21% year-over-year growth in both revenues and pro forma earnings per share. The fundamental drivers of our business remain strong,” he said.
The positive results came despite Qualcomm’s legal issues. A federal judge ordered Qualcomm to cease sales of 3G wireless chips infringing on patents owned by rival Broadcom. The decision occurred early this month, three days after the first quarter closed, but various interim decisions and motions have been in the news since 2005.
Meanwhile, Nokia filed technology licensing charges against Qualcomm. A trial could occur soon in the United States but the charges were tossed by courts in Germany and The Netherlands.
Qualcomm this month also announced an executive shake-up after losing money on its investment in MediaFlo, a mobile TV service, with the biggest move being the promotion of business development specialist Jeff Jacobs to the role of CMO. Jacobs is the son of company founder Irwin Jacobs and the brother of current CEO Paul Jacobs.
Two acquisitions occurred in the quarter. Qualcomm picked up Firethorn Holdings, in the mobile banking niche, for $210 million, and SoftMax, which makes noise reduction technology, for an undisclosed amount.
Filed Under: Infrastructure
