Cellphone chipmaker Qualcomm has announced its fiscal first quarter earnings and and while the economic downturn did have some affect, its revenue was in line with guidance.
The company reported first quarter revenues of $2.5 billion, down 25 percent sequentially, but up 3 percent year-over-year. Operating income fell 2 percent from last year to $745 million, while its $341 million net income was down 56 percent year-over-year and 65 percent sequentially. Diluted earnings per share of $0.20 is down 57 percent from last year.
Qualcomm does have cash on hand with $13.1 billion, despite a $388 million writedown and $1.1 billion net unrealized losses in marketable securities due to the economic environment.
The company’s first quarter numbers were roughly in line with previous guidance. As more consumers move from 2G to 3G wireless devices, Qualcomm’s mobile chip sales remain relatively strong. However, due to economic uncertainty, Qualcomm is not forecasting earnings per share for the second quarter but expects revenues to sit between $2.25 and $2.46 billion.
via qualcomm (PDF)