Revenues $6.0 billion
GAAP EPS $0.46, Non-GAAP EPS $1.19
Earnings Before Taxes up 23% YoY in QCT and 14% YoY in QTL

Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal first quarter ended December 25, 2016.

“We are pleased with the strong start to our fiscal year and the year-over-year earnings growth across both our semiconductor and licensing businesses,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “Looking ahead, the pending NXP acquisition accelerates our strategic transformation in the high growth areas of automotive, IoT, security and networking. We are very well positioned to lead as the semiconductor engine for the intelligent, connected world.”

Mr. Mollenkopf added, “the recent legal and governmental actions against Qualcomm are at their core driven by commercial disputes. As we have done in the past, we will vigorously defend our business model and the value of a portfolio of technologies that has been so instrumental to the success of the mobile communications industry.”

First Quarter Results (GAAP)*
Q1 Fiscal 2017 Q1 Fiscal 2016 Year-Over- Year Change Q4 Fiscal 2016 Sequential
Change
Revenues $6.0B $5.8B +4% $6.2B (3%)
Operating income $0.8B $1.7B (54%) $1.8B (57%)
Net income 1 $0.7B $1.5B (54%) $1.6B (57%)
Diluted earnings per share 1 $0.46 $0.99 (54%) $1.07 (57%)
Operating cash flow $1.4B $2.7B (50%) $2.1B (34%)
1 Throughout this news release, net income and diluted earnings per share are attributable to Qualcomm (i.e., after adjustments for
noncontrolling interests), unless otherwise stated.

First Quarter Results (Non-GAAP)
Q1 Fiscal 2017 Q1 Fiscal 2016 Year-Over- Year Change Q4 Fiscal 2016 Sequential
Change
Revenues $6.0B $5.8B +4% $6.2B (3%)
Operating income $2.1B $1.7B +19% $2.2B (5%)
Net income $1.8B $1.5B +21% $1.9B (6%)
Diluted earnings per share $1.19 $0.97 +23% $1.28 (7%)
Non-GAAP results exclude the QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items, tax items and other items. Further discussion regarding the Company’s use of Non-GAAP financial measures and detailed reconciliations between GAAP and Non- GAAP results are included within this news release.
* The following should be considered in regards to the year-over-year comparisons:
• The first quarter of fiscal 2017 GAAP results included:
$868 million charge, or $0.49 per share, which was accrued, related to the Korea Free Trade Commission (KFTC) investigation.
• The first quarter of fiscal 2016 GAAP results included:
$380 million gain, or $0.20 per share, related to the sale of our wireless spectrum in the United Kingdom.

read more on
http://files.shareholder.com/downloads/QCOM/3732853494x0x925189/C9AB2E02-9740-4702-B332-05169B851587/FY_2017_1st_Quarter_Earnings_Release.pdf