Qualcomm Guides Apple Settlement Revenue at $4.5B - $4.7B
May 2, 2019
Qualcomm reported results for its fiscal second quarter ended March 31, 2019. The firm's net income came in at $663 million, or 55 cents per share which was up from $330 million, or 22 cents per share, last year. Qualcomm reported revenue of $4.88 billion which beat expectations of $4.80 billion.
“We delivered a better than expected quarter with earnings per share above the high end of our estimates, reflecting stronger QTL results and solid execution in QCT,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “We are also pleased to have reached multi-year agreements with Apple and look forward to continuing to support them as a customer. We are executing well on our strategic priorities as 5G commercial launches begin around the world. Our 5G technology and product leadership, as well as our expansion into new industries and product categories, creates a strong foundation for long-term revenue and earnings growth.”
”While we continue to assess the accounting impacts of the agreements, our financial guidance for the third quarter of fiscal 2019 includes estimated revenues of $4.5 billion to $4.7 billion resulting from the settlement (which will be excluded from our Non-GAAP results), consisting of a payment from Apple and the release of our obligations to pay or refund Apple and the contract manufacturers certain customer-related liabilities. ”