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Qualcomm Announces 4Q, Fiscal 2018 Results

Fiscal 2018 revenues were $22.7 billion, with operating income of $5.6 billion, both down from last year.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Qualcomm Incorporated announced results for its fiscal fourth quarter and year ended Sept. 30, 2018. In terms of GAAP results, fourth quarter fiscal 2018 year results included revenues of $5.8 billion, down slightly from last year’s $5.9 billion. The company reported operating (loss) income of $0.7 billion, down from a profit of $0.3 billion in 4Q 2017. Operating cash flow was also negative, at $0.4 billion, down from $2.4 billion last year.
 
For the fiscal year, Qualcomm reported revenues of $22.7 billion, up slightly from $22.3 billion last year.  Operating income was $0.7 billion, down $2.6 billion last year. Operating cash flow was $3.9 billion, down from $5.0 billion last year.
 
“We delivered a strong quarter, with non-GAAP earnings per share above the high end of our prior expectations, on greater than expected chipset demand in QCT and lower operating expenses,” said Steve Mollenkopf, CEO of Qualcomm. “We are executing well on our strategic objectives, including driving the commercialization of 5G globally in 2019 and returning significant capital to our stockholders.”
 
The company noted that the fiscal 2018 GAAP results included a $6  billion charge related to the enactment of the Tax Cuts and Jobs Act (the Tax Legislation) in the US in the first quarter of fiscal 2018; a $2 billion charge related to a termination fee paid to NXP Semiconductors N.V. in the fourth quarter of fiscal 2018 resulting from the termination of the purchase agreement; a $1.2 billion charge for the fine imposed by the European Commission (EC) in the first quarter of fiscal 2018. 

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