Qualcomm Earnings Shine!

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Qualcomm reported QE December 2012 financial results on January 30

Qualcomm Earnings: Life Is Good

Life is good for Qualcomm (QCOM) CEO Paul Jacobs. Quarter ending December 2012 was all about all-time record highs: total revenues ($6.02 billion), operating income ($2.09 billion), net income ($1.91 billion), non-GAAP earnings per share ($1.26), and cash flow per share from operations ($1.13). GAAP earnings per share of $1.09 were the second best ever, eclipsed only by the March 2012 quarter of $1.28, which included a $0.44 gain from sale of discontinued operations. So, from an operations standpoint, even the earnings per share were a record. Read more and see charts at Seeking Alpha.

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Largest USA Tech Companies Earnings Soften: Apple Dominates, HP Plunges

This is the technology sector reported financial performance going into the October earnings season.

Quarterly Net Income

The Largest USA Tech Companies have reported quarterly aggregate net income of $14.8 billion, which is lower than the prior quarter $35.6 billion. This is a sequential QoQ decrease of -$20.8 billion and -58%! What happened? HP reported an epic quarterly net loss of -$8.9 billion, which offset the Apple quarterly net income of +$8.8 billion. Microsoft reported a rare quarterly net loss of -$492 million. Eight of the eleven companies reviewed reported a QoQ decrease in net income.

A net decrease is not unusual or unexpected as summer is typically a slower financial performance on an annual cyclical basis for the tech sector. But the huge HP and extraordinary Microsoft net losses created a plunge. The only three sequential QoQ increases were IBM (+$816 million) and Intel (+$89 million) and EMC (+$63 million).

For the latest quarters reported, Apple continues dominating with an incredible $8.82 billion quarterly net income. Second was IBM at $3.88 billion, third was Intel at $2.83 billion, and fourth was Google with $2.79 billion. Apple earned more than #2 IBM and #3 Intel combined.

The rest of the pack follows with #5 Oracle at $2.03 billion, #6 Cisco at $1.92 billion, #7 Qualcomm at $1.02 billion rounding out the Billion Dollar Club. Trailing are #8 EMC at $689 million and #9 Amazon at a mere $7 million. Further behind are #10 Microsoft at a dismal net loss of -$492 million and #11 HP with the aforementioned epic loss of -$8.86 billion. Apple comprises approximately 60% of the total quarterly net income of the 10 tech companies listed!



Return on Assets

The Largest USA Tech Companies have reported an average return on assets of +12.29%, a multi-quarter low and -1.68% decrease from the prior quarter. Seven of the eleven companies reviewed reported decreases. The largest sequential QoQ decreases were HP (-8.564%), Microsoft (-6.42%), and Apple (-2.08%). The only significant sequential QoQ increase was Cisco (+0.65).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +29.70% ROA. Apple is distantly followed by Intel (+17.61%), Qualcomm (+15.26%), and Google (+15.02%), and Microsoft (+14.95%). Next are #6 IBM (+14.30%), and #7 Oracle (+13.53%).

Significantly lagging the field are #8 Cisco at +9.01% and #9 EMC at +8.42%. Amazon is #10 and a much lower +1.82%. Finally, HP is last and #11 at a negative -4.44%.



I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.

Status Updated through Oracle quarterly financial results reported 9-20-12
Next reports: October earnings season

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Big Tech Assets Rise, Apple Reaches Record $163 Billion

This is the technology sector reported financial position going into the October earnings season.

Total Assets

The Largest USA Tech Companies have reported all-time high aggregate total assets of $940 billion. This is a net increase of +$14 billion and +1.6% from the prior quarter. Apple led the way, and continues pulling away, with another incredible +$11.9 billion quarterly increase, followed by Google (+$8.9 billion), and Microsoft (+$3.3 billion). A huge decrease was reported by HP (-$10.1 billion), followed by Oracle (-$1.8 billion), and IBM (-$1.5 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $162.9 billion. Microsoft moved up to #2 at $121.3 billion while HP slipped to third at $117.6 billion. IBM continues at #4 with $113.8 billion. Cisco is #5 at $91.8 billion.

The next group is #6 Google at $86.1 billion, #7 Oracle ($76.6 billion), and #8 Intel ($72.4 billion). Qualcomm and EMC are a more distance #9 and #10 at $42.4 billion and $35.0 billion, respectively. Amazon is last and #11 at $21.0 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



Capital Ratio

The Largest USA Tech Companies have reported an average capital to assets ratio of 54.53%, a slight decrease of -0.85% from the prior quarter. Six of the eleven companies reviewed reported increases, led by Intel (+2.3%) and followed by EMC (+0.85%) and Oracle (+0.84%). Google and Microsoft reported the largest decreases at -4.79% and -3.46%, respectively.

For the latest quarters reported, Qualcomm (77%) continues leading Google (75%) to have the strongest capital position. Apple is #3 at 69%, followed closely by Intel at 67%. Next are EMC, Cisco, Oracle, and Microsoft at 63%, 57%, 56%, and 55%, respectively. Amazon is 9th at 36%, followed by HP (27%) and finally IBM (18%) is last and #11.



Status
Updated through Oracle quarterly financial results reported 9-20-12
Next reports: October earnings season

Earnings Reviews

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Big Tech Profits Soften: HP, Microsoft, Amazon Plunge!

Net Income: Quarter over Quarter Change

The Largest USA Tech Companies reported softening profits from the prior quarter, which is not unusual this time of year on an annual cyclical basis. Only 3 of the 10 companies reviewed reported sequential quarterly increases (Oracle, IBM, Intel).

First, HP is not included in the chart below. HP, which is among the walking wounded, reported a disastrous quarter and a chart-busting -656% decrease in net income QoQ. HP reported a net loss of -$8.86 billion for their latest quarter, compared to net income of +$1.59 billion in the prior quarter. Including HP skews the chart and obscures the data.

Reporting net income increases quarter over quarter were Oracle (+38%), IBM (+27%), and Intel (+3%). Reporting a decrease in net income from the prior quarter were Google (-4%), Cisco (-11%), Apple (-24%), and Qualcomm (-46%). The Big Losers were Amazon (-95%), Microsoft (-110%), and the aforementioned HP (-656%). The second calendar quarter is typically slower and a quarterly drop for many tech companies in total revenues, net income, and earnings per share.



Net Income: Year over Year Change

The Largest USA Tech Companies reported more positive results from the prior year, compared to the prior quarter. 6 of the 10 companies reviewed reported YoY increases. Cisco (+56%) and Apple (+21%) led the way, followed by Qualcomm (+17%), Google (+11%),  Oracle (+8%), and IBM (+6%). The remainder lost ground and some lost huge territory. Intel (-4%), Amazon (-96%), Microsoft (-108%), and HP (-560%) reported decreases year over year.

HP is not included in the chart below. Including HP skews the chart and obscures the data.



Updated through HP quarterly financial results reported 8-22-12
Next reporting: Oracle in September

Big Tech Assets Rise, Apple Reaches Record $163 Billion

Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

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Big Tech Assets Rise, Apple Reaches Record $163 Billion

Total Assets

The Largest USA Tech Companies have reported all-time high aggregate total assets of $917 billion. This is a net increase of +$32 billion and +4% from the prior quarter. Apple led the way, and continues pulling away, with another incredible +$12 billion quarterly increase, followed by Google (+$9 billion), and Oracle (+$4 billion). The only decrease was reported by IBM (-$1.5 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $162.9 billion. HP continues in second at $127.7 billion, followed by #3 Microsoft at $121.3 billion. IBM is #4 at $113.8 billion. Cisco is #5 at $91.2 billion. The next group is #6 Google at $86.1 billion, #7 Oracle ($78.3 billion), and #8 Intel ($72.4 billion). Qualcomm is a more distance #9 ($42.4 billion). Amazon is last and #10 at $21.0 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



Capital Ratio

The Largest USA Tech Companies have reported an average capital to assets ratio of 54.18%, a slight decrease of -0.45% from the prior quarter. Six of the ten companies reviewed reported increases, led by Intel (+2.3%) and HP (+1.4%). Google reported the largest decrease (-4.8%) followed by Microsoft (-3.5%).

For the latest quarters reported, Qualcomm (77%) has surpassed Google (75%) to have the strongest capital position. Apple is #3 at 69%, followed closely by Intel at 67%. Next are Cisco, Oracle, and Microsoft at 56%, 56%, and 55%, respectively. Amazon is 8th at 36%, followed by HP (33%) and finally IBM (18%) is last and #10.



Status
Updated through Amazon quarterly financial results reported 7-26-12
Next reports: Cisco (August 15), HP (August 22)

Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

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Largest USA Tech Companies Earnings Plunge, But Apple Still Dominates

Quarterly Net Income

The Largest USA Tech Companies have reported quarterly aggregate net income of $26.3 billion, which is lower than the prior quarter $33.9 billion. This is a sequential QoQ decrease of -$7.68 billion and -23%. Six of the ten companies reviewed reported a QoQ decrease in net income. The net decrease is not too unusual or unexpected as the second quarter of the calendar year is typically a slower financial performance on an annual cyclical basis. The largest sequential QoQ increases were Oracle (+$953 million) and IBM (+$816 million) and HP (+$125 million). The largest sequential QoQ decreases were by Microsoft (-$5.60 billion), Apple (-$2.80 billion), and Qualcomm (-$1.02 billion).

For the latest quarters reported, Apple continues dominating with an incredible $8.82 billion quarterly net income. Second was IBM at $3.88 billion and third was Oracle at $3.45 billion, combined less than half of Apple. The rest of the pack follows with #4 Intel at $2.83 billion, #5 Google at $2.79 billion, #6 Cisco at $2.17 billion, #7 HP at $1.59 billion, and #8 Qualcomm at $1.21 billion. Trailing are #9 Amazon at a mere $7 million and #10 Microsoft at a dismal net loss of -$492 million. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed. Apple comprises approximately 34% of the total quarterly net income of the 10 tech companies listed!



Return on Assets

The Largest USA Tech Companies have reported an average return on assets of +13.45%, a multi-quarter low and -1.13% decrease from the prior quarter of +14.58%. Eight of the ten companies reviewed reported decreases. Amazon and HP dragged the average down the most. The 2 sequential QoQ increases were Cisco (+0.24%) and IBM (+0.17%). The largest sequential QoQ decreases were Microsoft (-6.42%), Apple (-2.08%), and Amazon (-1.00%).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +29.70% ROA. Apple is distantly followed by Intel (+17.61%), Qualcomm (+15.26%), and Google (+15.02%). Next are #5 Microsoft (+14.95%), #6 IBM (+14.30%), and #7 Oracle (+13.38%). Significantly lagging the field are #8 Cisco at +8.36% and #9 HP at a much lower +4.12%. Retail-oriented Amazon is last and #10 at a sinking +1.82%.



Updated through Amazon quarterly financial results reported 7-26-12
Next reports: Cisco (August 15), HP (August 22)

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Qualcomm Earnings Review: Solid Quarter, Disappointing Guidance

Qualcomm reported QE June 2012 financial results on Wednesday, July 18

Qualcomm reported solid growth YoY for total revenues, net income, and earnings per share. The outlook for next quarter was disappointing and more of the same - flat to slow growth QoQ.

The concern is negatively trending margins: gross margin for equipment and services, operating margin, and net margin. These peaked at QE June 2009, QE March 2011, and QE December 2010, respectively. The net margin calculation excludes gain on sale from discontinued operations at QE March 2012. Some other adjustments were not made.

On a FY basis, excluding the QE March 2012 one-time $0.44 GAAP gain on sale of discontinued operations focuses on the core business. The FY 2012 GAAP EPS guidance ($2.97 to $3.03) is then an increase over FY 2011 GAAP EPS ($2.53) of +15% to +17%. This is solid, but lower than originally projected. The FY 2012 ends next QE September 2012.

Metric, QoQ Change, YoY Change
Total Assets: $42.45 billion, +2%, +21%
Total Revenues: $4.63 billion, -6%, +28%
Net Income: $1.21 billion, -46%, +17%
Earnings per Share: $0.69, -46%, +13%

Qualcomm QE September 2012 Business Outlook
• GAAP & Non-GAAP Revenues: $4.45B - $4.85B
• GAAP EPS: $0.62 - $0.68
• Non-GAAP EPS: $0.78 - $0.84













“Adoption of 3G and 3G/4G technologies continues around the world, driving strong year over year growth in our chipset and licensing businesses this quarter,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “Looking forward, our growth estimates for 3G/4G device shipments in calendar 2012 have moderated slightly, and we now expect the demand profile of the calendar year to be more back-end loaded as new devices are launched for the holiday season. Although our outlook for semiconductor volumes in the fiscal fourth quarter has been reduced from our prior expectations, we are ramping supply of our 28 nanometer chipsets to help enable what we expect to be a strong December quarter for our semiconductor business.”

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Big Tech Assets Rise, Apple Surges to $151 Billion

The Largest USA Tech Companies have reported aggregate total assets of $888 billion, which is the highest in the 5 quarters reviewed and an all-time high. This is a net increase of +$25 billion and +3% from the prior quarter. Apple led the way with a strong +$12 billion increase, followed by Microsoft (+$6 billion), Google (+$5 billion), and Qualcomm (+$4 billion). The only decreases were reported by Amazon (-$5 billion) and IBM (-$1 billion).

The $100 Billion Club: For the latest quarter reported, Apple continues #1 and largest at $150.9 billion. HP continues in second at $127.7 billion, followed by #3 Microsoft at $118.0 billion. IBM dropped to #4 at $115.3 billion. Next is #5 Cisco at $91.2 billion. The next group are #6 Google at $77.1 billion, which surpassed now #7 Oracle ($74.4 billion). Intel continues at #8 ($71.8 billion) followed by #9 Qualcomm ($41.5 billion). Amazon is last and #10 at $20.3 billion. I have included Amazon because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed.



The Largest USA Tech Companies have reported an average capital to assets ratio of 54.89%, a +1.39% increase from the prior quarter. The net increase was led by Amazon (+5%) and Apple (+3%). Only Google reported a decrease and this was negligible (-0.12%). For the latest quarters reported, Google continues leading with the strongest capital of 80%, followed by Qualcomm at 77%. Apple is #3 at 68%, followed closely by Intel at 65%. Next are Oracle, Microsoft, and Cisco at 58%, 58%, and 56%, respectively. Amazon is 8th at 36%, followed by HP (33%) and finally IBM (18%).




Status Updated through HP quarterly financial results reported 5-23-12

Largest USA Tech Companies Earnings Slip, Apple Dominates

Big Tech Market Cap: Apple Larger Than Microsoft and IBM Combined!

Big Tech Profits Increase: Qualcomm, Apple, Google Lead Surge

Largest USA Tech Companies Earnings Slip, Apple Dominates

The Largest USA Tech Companies have reported quarterly aggregate net income of $33.9 billion, which is lower than the prior quarter $37.4 billion. This is a sequential QoQ decrease of -$3.5 billion and -9.4%. The net decrease is not unusual or unexpected as the first quarter of the calendar year is typically lower than the  prior fourth quarter (Holiday) results on an annual cyclical basis. The largest sequential QoQ increases were HP (+$1.2B) and Qualcomm (+$829 million). The largest sequential QoQ decreases were by IBM (-$2.43 billion), Microsoft (-$1.52 billion), Apple (-$1.44 billion), and Intel (-$622 million).

For the latest quarters reported, Apple leads with an incredible $11.62 billion. Second is Microsoft at $5.11 billion, less than half of Apple. These top two are followed by #3 IBM at $3.07 billion. The rest of the pack follows with #4 Google at $2.89 billion, #5 Intel at $2.74 billion, #6 Oracle at $2.50 billion, #7 Qualcomm at $2.23 billion, and #8 Cisco at $2.17 billion. Trailing are #9 HP at $1.47 billion and #10 Amazon at a mere $130 million. I have included because of the Kindle Fire, streaming, cloud services, and the resulting competition with others listed. Apple comprises 34% of the total quarterly net income of the 10 tech companies listed!



The Largest USA Tech Companies have reported an average return on assets of +14.61%, a +0.19% increase from the prior quarter of 14.42%. Amazon and HP dragged the average down. The largest sequential QoQ increases were Qualcomm (+2.62%), Apple (+1.44%) and Google (+0.75%). The largest sequential QoQ decreases were Microsoft (-1.18%), Intel (-1.09%), and HP (-0.93%).

For the latest quarters reported, Best of Breed goes to Apple with a commanding and incredible lead of at +31.78% ROA, followed by Microsoft at 21.37% and Intel at 18.14%. Next are #4 Google 15.76%, #5 Qualcomm 15.51%, #6 IBM 14.13%, and #7 Oracle 13.44%. Significantly lagging the field are #8 Cisco 8.36% and #9 HP at a dismal 4.74%. Retail-oriented Amazon is last and #10 at +2.82%.



Updated through Cisco quarterly financial results reported 5-9-12
Next reports: HP (May 23), Oracle (June)

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Qualcomm Earnings Soar with Caveats, Guidance Creates Concern

Qualcomm reported calendar Q1 2012 financial results on Wednesday, April 18.

Qualcomm reported a second consecutive quarter of record financial results with caveats. A $761 million gain on sale from discontinued operations, $0.44 GAAP EPS, was recorded in non-operating income. This caused the record net income and earnings per share, not but not operating income. Full-year EPS guidance was not raised at the top end and neither was total revenues guidance. That's how high expectations are for Qualcomm. CEO Paul Jacobs doesn't raise guidance, disappointment sets in.

There's more. Total revenues reached an all-time high, but operating income slightly decreased on a lower gross margin for equipment & services plus an increase in operating expenses. Net income and earnings per share nonetheless reached an all-time high boosted by the gain on sale from discontinued operations. 

Qualcomm revised its estimate of FY 2012 GAAP EPS to $3.41 to $3.56 from $3.36 to $3.56, including the $0.44 gain on sale of discontinued operations. FY 2011 GAAP EPS was $2.53. That's a +35% to +41% increase in annual EPS. Total revenues guidance remains $18.7 billion to $19.7 billion. The FY ends with the QE September.

However, excluding the one-time GAAP gain focuses more on the core business. Then the FY 2012 GAAP EPS increase over FY 2011 GAAP EPS is a smaller +15% to +19%. This is solid, but does not sustain the short-term spike or high expectations. That leaves upside surprises and subsequent higher earnings guidance to push the growth curve steeper. Some investors are questioning this hope.

Qualcomm Income Statement Calendar Q1 2012 Qualcomm reported record total revenues of $4.94 billion, record net income of $2.23 billion, and record earnings per share of $1.28. From the prior calendar quarter Q4 2011, these were +6%, +59%, and +58%, respectively. From the prior year calendar Q1 2011, these were +28%, +123%, and +117%, respectively. Gross margin on equipment & sales dropped to a multi-year low of 43.16%. Operating margin decreased both QoQ and YoY to 30.63%. Net margin soared QoQ and YoY from the non-operating gain to 45.11%. The operating expense ratio increased to 69.37%, which is just below the historical average.

Qualcomm Balance Sheet Calendar Q1 2012 Qualcomm continues incredibly liquid and well capitalized. Total assets reached an all-time high of $41.53 billion, up +10% QoQ. Qualcomm has $15.08 billion in short-term cash, cash equivalents, and marketable securities. Add noncurrent marketable securities and total reserves are $26.57 billion. Capital to assets reached a multi-year, if not all-time high of 76.74%. Return on assets spiked to +15.51% which is a multi-year, if not all-time, high.

Qualcomm Calendar Q2 2012 Business Outlook • GAAP & Non-GAAP Revenues: $4.45B - $4.85B • GAAP EPS: $0.67 - $0.73 • Non-GAAP EPS: $0.83 - $0.89

Qualcomm Reports Record Earnings: Revenues, Income, EPS Upsurge

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Qualcomm Reports Record Earnings: Revenues, Income, EPS Upsurge


Qualcomm Summary Calendar Q4 2011 Qualcomm reported record financial results with all-time high total revenues, net income, and earning per share. The outlook for calendar Q1 2012 is for more record earnings. Financial position continues very liquid and strong. "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," said CEO Dr. Paul E. Jacobs. "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."


Qualcomm Income Statement Calendar Q4 2011 Qualcomm reported record total revenues of $4.68 billion, record net income of $1.55 billion, and record earnings per share of $0.81. From the prior calendar quarter Q3 2011, total revenues were +14%, net income +33%, and earnings per share +31%. From the prior year calendar Q4 2011, total revenues were +40%, net income +20%, and earnings per share +14%. Gross margin increased slightly QoQ to 44.6%, operating margin was flat QoQ at 33.1%, and net margin increased significantly QoQ to 29.9%. The operating expense ratio decreased to a 4-quarter low of 66.9%. Equipment and services have increased to 67% of total revenues over licensing and royalty fees.


Qualcomm Balance Sheet Calendar Q4 2011 Qualcomm continues incredibly liquid and well capitalized. Total assets have reached an all-time high of $37.61 billion. Qualcomm has $11.5 billion in short-term cash, cash equivalents, and marketable securities. Add noncurrent marketable securities and total reserves are $22.0 billion. Capital to assets increased QoQ and YoY to a very strong 75.8%. Return on assets of 12.89% is a multi-year, if not all-time, high.


Qualcomm Calendar Q1 2012 Business Outlook
• GAAP & Non-GAAP Revenues: $4.6B - $5.0B
• GAAP EPS: $1.20 - $1.26
• Non-GAAP EPS: $0.91 - $0.97


Qualcomm Performance by the Quarters


Qualcomm Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $1.03 dipped slightly QoQ from the prior $1.06, which was an 11-quarter high. Current Earnings per Share of $0.81 is a an all-time high, a +31% increase QoQ, and a +14% YoY increase.




Qualcomm Total Revenues, Operating Income, and Net Income Current Total Revenues of $4.68 billion is a record high, a +14% increase QoQ, and a +40% increase YoY. Current Operating Income of $1.55 billion is a record high. Current Net Income of $1.40 billion is a record high, a +33% increase QoQ, and a +20% increase YoY.




Qualcomm Gross Margin, Operating Margin, and Net Margin Current Gross Margin (Equipment and Services) of 44.6% slightly increased QoQ, significantly decreased YoY, and is below the 47.3% historical average. Current Operating Margin of 33.1% increased QoQ, is flat YoY, and is above the 30.5% historical average. Current Net Margin of 29.9% significantly increased QoQ, decreased significantly YoY, and is just above the 29.3% historical average.



Qualcomm Return on Assets Current Return on Assets of 12.9% is a multi-year, if not all-time, high. The ROA chart average is 11.2%.



Qualcomm Growth Rates YoY Current Total Revenues Growth YoY of +40% is well above the historical average and the 6th consecutive quarter of growth. Current Earnings per Share Growth YoY of +14% is historically below average but the 7th consecutive quarter of growth.



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Qualcomm Earnings Preview: Record Quarter Expected, Reports Wednesday, February 1

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Update 1 on 1-29-12


Qualcomm (QCOM) to Announce Quarterly Earnings

Qualcomm will report calendar Q4 2011 financial results on Wednesday, February 1, after market close. The conference call will be at 1:45 p.m. PT.


Qualcomm Future and Past Financial Performance


Estimated Calendar Q4 2011 Earnings per Share (Non-GAAP)
Yahoo Finance Analysts Estimates: $0.90 avg, $0.88 low, $0.95 high, 35 analysts
Prior Quarter: $0.80
Prior Year: $0.82
Qualcomm Outlook: $0.86 - $0.92


Prior Calendar Q3 2011 Financial Results (GAAP)
When Qualcomm reports calendar Q4 2011, the 3 months ended December, financial results on February 1, Qualcomm is expected to meet, beat, or miss various prior quarterly results. These prior quarterly GAAP financial results were:
Total Revenues $4.12B
Operating Income $1.24B
Net Income $1.06B
Earnings per Share $0.62
Qualcomm Outlook $0.70 - $0.76
Gross Margin 44.00% (Equipment & Services)
Operating Margin 30.07%
Net Margin 25.65%


Summary (GAAP) Overall, Qualcomm is expected to beat QoQ and beat YoY for Earnings per Share. Calendar Q4 is a strong, if not the strongest quarter, on an annual basis. Therefore, Qualcomm is expected to beat QoQ and YoY for Total Revenues, Operating Income, Net Income, and Cash Flow per Share. Qualcomm should beat QoQ and YoY for operating and net margins. In short, this is expected to be a record quarter. The prior quarterly charts are reviewed below.


Qualcomm Beats QoQ and YoY for Record Quarter!


Qualcomm Summary Q3 2011 Intel rebounded in Q3 2011 with record total revenues, net income, and earning per share. Revenue growth was driven by data centers and developing countries, notably China. "Emerging markets are good, enterprise is strong, the mature market consumer is a little bit weaker," said Chief Financial Officer Stacy Smith. Investor confidence is strengthened by the latest financial results, after being deflated somewhat in the prior quarter. Hopefully this growth can continue and appears so based on Intel's Q4 2011 outlook. Financial position continues strong.


Qualcomm Income Statement Q3 2011 Intel reported record total revenues of $14.23 billion, record net income of $3.47 billion, and record earnings per share of $0.65. From the prior quarter Q2 2011, total revenues were up +9.22%, net income up +17.40%, and earnings per share were up at +20.37%. From the prior year Q3 2010, total revenues were up +28.20%, net income up +17.36%, and earnings per share up +25.00%. Gross margin increased QoQ to 63.36%, operating margin increased QoQ to 33.62%, and net margin increased QoQ to of 24.37%. The operating expense ratio has been stable and is currently 29.74%.


Qualcomm Balance Sheet Q3 2011 Intel continues liquid and well capitalized. Total assets have reached an all-time high of $77.05 billion. The current ratio, current assets / total assets, increased QoQ to 37.84%. Intel has $10+ billion in short-term cash, cash equivalents, and marketable securities. Capital to assets, total stockholders' equity / total assets, decreased QoQ to 65.37% from 73.72% due to an increase in debt. The debt ratio, short-term and long-term debt to total assets, increased QoQ to 10.12% from 3.27%. Return on assets of 19.58% continues at recent levels and above the historical average.


Qualcomm Q4 2011 Business Outlook (GAAP)
• Non-GAAP EPS: $0.86 - $0.92
• GAAP EPS: $0.70 - $0.76


Qualcomm Performance by the Quarters


Qualcomm Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $1.06 is an 11-quarter high. Current Earnings per Share of $0.62 is a 3-quarter high, a +1.64% increase QoQ, and a and +16.98% YoY increase. The chart averages CFS and EPS are $0.79 and $0.46, respectively.

 


Qualcomm Total Revenues, Operating Income, and Net Income Current Total Revenues of $4.12 billion is a record high, a +13.64% increase QoQ, and a +39.46% increase YoY. Current Operating Income of $1.24 billion is a record high. Current Net Income of $1.06 billion is a 3-quarter high, a +2.03% increase QoQ, and a +22.08% increase YoY. The chart averages for TR, OI, and NI are $3.18 billion, $960 million, and $923 million, respectively.

 


Qualcomm Gross Margin, Operating Margin, and Net Margin Current Gross Margin (Equipment and Services) of 44.00% slightly decreased QoQ and significantly decreased YoY. Current Operating Margin of 30.07% slightly decreased QoQ and significantly decreased YoY. Current Net Margin of 25.65% significantly decreased both QoQ and YoY. The chart averages for GM (E&S), OM, and NM are 47.61%, 30.16%, and 29.23%, respectively.

 


Qualcomm Return on Assets Current Return on Assets of 12.74% is a multi-year high. The ROA chart average is 10.95%.

 

Qualcomm YoY Growth Rates Current Total Revenues Growth of +39.46% is historically well above average and the 5th consecutive quarter of growth. Current Earnings per Share Growth of +16.98% is historically below average but the 6th consecutive quarter of growth. The chart averages for TRG and EPSG are +25.40% and +22.38%, respectively.

 


Qualcomm Revenue Sources Equipment and Services at $2.67 billion is the primary driver of sales growth, an all-time high, and is 64.93% of total revenues. Licensing at $1.44 billion is a 2-quarter high, and 35.07% of total revenues. The chart averages for E&S and Licensing are $1.89 billion and $1.17 billion, respectively.

 


Qualcomm Operating Expense Ratio Current Operating Expense Ratio of 69.93% is within the historical range. The OER chart average is 71.30%.

 

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