Qualcomm's first-quarter earnings report: net profit fell 24% year-on-year

On January 28th, Beijing time, in the morning news, Qualcomm announced its first-quarter financial results for fiscal year 2016. The report showed that the company's net profit for the quarter was $1.5 billion, a 24% decline from $2 billion in the same period last year. Revenue dropped to $5.8 billion, down 19% compared to $7.1 billion in the previous year's quarter. Despite exceeding Wall Street expectations, the company's outlook for the second quarter fell short, causing its stock price to dip slightly. For the quarter ending December 27, Qualcomm reported a net profit of $1.5 billion, a 24% decrease from $2 billion in the same period last year and a 41% drop from the previous quarter's $1.1 billion. Diluted earnings per share were $0.99, down 15% from $1.17 in the same period last year but up 48% from $0.67 in the prior quarter. Operating profit for the quarter stood at $1.7 billion, a 18% decrease from $2.1 billion in the same period last year but up 48% from $1.1 billion in the previous quarter. Excluding one-time items, the company’s net profit was $1.5 billion, down 35% from $2.3 billion in the same period last year and 3% from the previous quarter. Earnings per share came in at $0.97, a 28% decline from $1.34 in the same period last year but an increase of 7% from $0.91 in the prior quarter. This performance surpassed analyst expectations, as Yahoo Finance had predicted $0.90 per share. Qualcomm’s revenue for the quarter reached $5.8 billion, down 19% from $7.1 billion in the same period last year and 6% from the previous quarter’s $5.5 billion. Analysts had expected $5.99 billion, so the result also exceeded expectations. Revenue from equipment and services was $4.087 billion, down from $5.216 billion in the same period last year. License revenue was $1.688 billion, down from $1.883 billion in the same period last year. Total operating costs and expenses were $4.09 billion, down from $5.035 billion in the same period last year. Equipment and service costs were $2.534 billion, down from $3.047 billion in the same period last year. R&D expenses remained unchanged at $1.352 billion, while sales, general, and administrative expenses decreased to $576 million from $583 million. Other income rose to $374 million, compared to $53 million in the same period last year. The CDMA Technology Group generated $4.096 billion in revenue, a 23% drop year-over-year but a 13% increase from the previous quarter. Pre-tax profit was $590 million, down 49% year-over-year but up 111% from the previous quarter. The Technology Licensing Group saw revenue of $1.607 billion, down 12% from the same period last year and 10% from the previous quarter. Pre-tax profit was $1.339 billion, down 15% from the same period last year and 10% less than the previous quarter. Non-GAAP revenues were $63 million, up 54% from the previous year and 50% from the previous quarter. However, the pre-tax loss was $150 million. Operating cash flow for the quarter was $2.7 billion, up 16% from $2.4 billion in the same period last year and 63% from $1.7 billion in the previous quarter. As of December 28, 2015, Qualcomm held $30.6 billion in cash, cash equivalents, and marketable securities, slightly down from $31.6 billion at the end of the first quarter of fiscal 2015 and $30.9 billion at the end of the fourth quarter of fiscal 2015. The effective tax rate for the quarter was 13%, while the non-GAAP effective tax rate was 17%. Qualcomm expects an effective tax rate of around 17% for FY2016 and about 18% for non-GAAP. For the second quarter of fiscal 2016, Qualcomm expects revenue between $4.9 billion and $5.7 billion, a 17% to 29% year-over-year decline. Analysts had expected $5.69 billion on average. Earnings per share are expected to be between $0.69 and $0.79, up 10% to 25% from the same period last year. Excluding one-time items, EPS is projected between $0.90 and $1.00, a 29% to 36% drop from the same period last year. Analysts had expected $1.02 per share. On the same day, Qualcomm shares closed at $47.53 on Nasdaq, down 2.04% or $0.99. After-hours trading saw the stock fall further to $47.50, a 0.06% drop. Over the past 52 weeks, the stock has traded between $44.39 and $74.09.

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