Qualcomm Q1 Profit Beats Estimates; Total Revenues Up 4% - Quick Facts

(RTTNews) - Qualcomm Incorporated (QCOM) reported that its first-quarter adjusted net income increased 21% year-over-year to $1.8 billion. Adjusted profit per share was $1.19 compared to $0.97. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.18 for the quarter. Analysts' estimates typically exclude special items. Net income attributable to Qualcomm was $682 million or $0.46 per share compared to $1.5 billion or $0.99 per share, prior year. The company noted that its 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 investigation.

First-quarter total revenues were up 4% to $6.00 billion from $5.77 billion, prior year. Analysts expected revenue of $6.12 billion for the quarter.

For the second-quarter of fiscal 2017, the company expects: revenue of $5.5 billion to $6.3 billion; and non-GAAP earnings per share of $1.15 - $1.25. Analysts expect the company to report profit per share of $1.20 on revenue of $5.9 billion.

Steve Mollenkopf, CEO of Qualcomm, stated: "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."