Qualcomm reports fantastic quarterly results boosted by spectrum windfall

Qualcomm reported its second-fiscal quarter revenues jumped by 28 per cent to US$4.94 billion, while net income more than doubled to US$2.23 billion after the company included a one off gain of US$761 million from discontinued operations.

During the quarter, the company received US$1.9 billion in proceeds from the sale of substantially all of its 700MHz spectrum.

Operating income was up by six per cent at US$1.51 billion.

“I am pleased to report another quarter of record revenues and earnings per share, driven by strong demand for 3G- and 4G-enabled devices across both developed and emerging regions," said Paul E. Jacobs, chairman and CEO of Qualcomm. "We are excited to see the continued growth of 3G and 4G smartphones, as well as new mobile computing devices.”

The company ended the quarter with US$26.6 billion in cash, cash equivalents and marketable securities, compared to US$22.1 billion a year ago.