Qualcomm's 2nd Fiscal Quarter Nets $5BN In GAAP Revenue

Qualcomm's second fiscal quarter has net them $5 Billion in GAAP revenues. The San Diego-based chipset manufacturer has just posted the results of their second fiscal quarter for the year, and alongside the $5 Billion in GAAP, the company notes that they also hit $6 Billion in non-GAAP revenues as well as $0.50 in GAAP EPS and $1.34 for non-GAAP EPS or, Earnings Per Share. For the GAAP results, that equates to a 10 percent decrease year over year from 2016 for the revenue which was $5.6 Billion. However operating income also decreased, coming down from $1.4 Billion last year to just $0.7 Billion this year. Net Income and the Diluted Earnings per Share also came down as those are now sitting at $0.7 Billion and the above mentioned $0.50 respectively. Out of the GAAP results the only number to increase was Qualcomm's operating cash flow, which is now $0.8 Billion, up from $0.7 Billion in 2016.

Qualcomm's non-GAAP results seem to be a bit better as they list their net Income at $2 Billion up from $1.6 Billion last year, while both Operating Income and Revenues went up from $1.9 Billion and $5.5 Billion to $2.2 Billion and $6 Billion. These are all increases from 2016's numbers by 28 percent, 18 percent, and 8 percent respectively. Diluted Earnings per Share saw a 29 percent increase, coming up from $1.04 to $1.34.

While Qualcomm's GAAP revenues went down suggesting a negative shift in the companies overall success, the report mentions that the drop here is directly related to the money that was awarded to BlackBerry in the case against Qualcomm, which saw them having to pay BlackBerry a total sum of $814.9 Million as part of a settlement relating to overpaid royalties. Qualcomm is also currently involved in another court battle with Apple as they just recently filed a counter suit against them which likely has something to do with the change in numbers from the first to the second fiscal quarter and the change from last year to this year, but will also probably have an affect on their numbers for the upcoming fiscal quarters depending on how the court case goes. Overall Qualcomm still had a good fiscal quarter and their looking to continue this trend through the rest of the year.

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