Qualcomm records stellar net income in fiscal 2011 to September 25

Mobile chip manufacturer Qualcomm reported a 31 per cent increase in net income to achieve record results for its 2011 fiscal year. Net income for the year ending September 25 hit US$4.26 billion on the back of a 36 per cent increase in total revenue to US$14.96 billion.

Qualcomm reported a 22 per cent year-on-year increase in net income for its fourth fiscal quarter. Net income amounted to US$1.06 billion, two per cent higher than the previous quarter. Revenue for the quarter was US$4.12 billion, up 39 per cent year-on-year and 14 per cent higher quarter-on-quarter.

The company’s chairman and CEO Paul Jacobs said the results were driven by the “popularity of smartphones, continued adoption of 3G technologies, particularly in emerging regions, and our industry-leading patent portfolio popularity of smartphones.”

Jacobs added that the company’s chipset roadmap, licensing programme and global partnerships put it in a good position in terms of revenue and earnings growth in the 2012 fiscal year. “We are excited about the upcoming commercial launch of our ground-breaking Snapdragon multimode LTE solution and continue to invest in and execute on our strategic priorities to drive profitable growth,” he said.