Shulou(Shulou.com)11/24 Report--

In the early morning of November 3, Beijing time, Qualcomm today released the company's financial results for the fourth quarter and full year of fiscal 2022. Qualcomm's fourth-quarter revenue was $11.396 billion (currently about 82.963 billion yuan), up 22 percent from $9.336 billion in the same period last year, and its net profit was $2.873 billion (currently about 20.915 billion yuan), according to the report. by contrast, the net profit for the same period last year was $2.798 billion, up 3% from the same period last year. Without GAAP, Qualcomm's adjusted net profit for the fourth quarter was $3.548 billion (currently about 25.829 billion yuan), up 22% from $2.916 billion in the same period last year.

Qualcomm's fourth-quarter revenue slightly exceeded Wall Street analysts' expectations and adjusted earnings per share were in line with analysts' expectations, but its outlook for revenue and adjusted earnings per share for the first quarter of 2022 fell short of expectations. as a result, its after-hours share price fell nearly 7 per cent.

Fourth quarter results: Qualcomm's net profit for the quarter ended September 25 was $2.873 billion, compared with $2.798 billion in the same period last year, up 3% from a year earlier, and diluted earnings per share were $2.54 per share, compared with $2.45 per diluted share in the same period last year. A year-on-year increase of 4%.

Excluding special one-off items (not in accordance with GAAP), Qualcomm's adjusted net profit for the fourth quarter was $3.548 billion, up 22% from $2.916 billion in the same period last year; earnings per share were $3.13, up 23% from $2.55 in the same period last year, in line with analysts' expectations. On average, 23 analysts had expected Qualcomm's adjusted earnings per share to reach $3.13 in the fourth quarter, according to data provided by Yahoo Finance.

Qualcomm's fourth-quarter revenue was $11.396 billion, up 22% from $9.336 billion in the same period last year. Excluding special one-off items (not in accordance with GAAP), Qualcomm's adjusted revenue for the fourth quarter was $11.387 billion, up 22% from $9.321 billion in the same period last year, which slightly beat analysts' expectations. On average, 22 analysts had expected Qualcomm's fourth-quarter revenue to reach $11.37 billion, according to Yahoo Finance.

Qualcomm's fourth-quarter operating profit was $3.666 billion, compared with $2.902 billion in the same period last year. Excluding special one-time items (not in accordance with GAAP), Qualcomm's adjusted operating profit was $4.256 billion in the fourth quarter, compared with $3.402 billion in the same period last year.

Qualcomm's revenue from equipment and services in the fourth quarter was $9.807 billion, compared with $7.632 billion in the same period last year, and revenue from authorizations was $1.589 billion, compared with $1.704 billion in the same period last year.

By business unit, Qualcomm CDMA Technology Group's fourth-quarter revenue was $9.904 billion, up 28 per cent from $7.733 billion in the same period last year, and pre-tax profit was $3.386 billion, up 37 per cent from $2.464 billion in the same period last year. Qualcomm Technology Licensing Group's fourth-quarter revenue was $1.441 billion, down 8% from $1.558 billion in the same period last year, and pre-tax profit was $989 million, down 11% from $1.114 billion in the same period last year.

Qualcomm's total operating expenses and expenses were $7.73 billion in the fourth quarter, compared with $6.434 billion in the same period last year. Of this total, revenue costs were $4.868 billion, compared with $3.937 billion in the same period last year; R & D expenditure was $2.179 billion, compared with $1.878 billion in the same period last year; and sales, general and administrative expenses were $683 million, compared with $619 million in the same period last year.

Qualcomm's operating cash flow was $1.446 billion in the fourth quarter, compared with $1.077 billion in the same period last year. Qualcomm's cash and cash equivalents totaled $3.099 billion at the end of fiscal fourth quarter 2022, compared with $7.116 billion at the end of fiscal fourth quarter 2021.

Qualcomm returned $841 million, or 75 cents a share, in cash dividends to shareholders in the fourth quarter, and returned $500 million in cash to shareholders by buying back 3 million shares. Overall, Qualcomm returned a total of $1.341 billion in cash to shareholders during the quarter.

Results for fiscal year 2022: for the entire fiscal year 2022, Qualcomm's revenue was $44.2 billion (currently about RMB 321.776 billion), up 32% from $33.566 billion in fiscal 2021; net profit was $12.936 billion (currently about RMB 941.74 billion). An increase of 43% compared with the net profit of $9.043 billion in fiscal year 2021 Diluted earnings per share were $11.37, up 44% from $7.87 per share in fiscal 2021; pre-tax profit was $14.998 billion, up 46% from $10.274 billion in fiscal 2021; and operating profit was $15.86 billion, compared with $9.789 billion in fiscal 2021. Qualcomm's operating cash flow was $9.096 billion in fiscal 2022, compared with $10.536 billion in fiscal 2021.

Excluding special one-time items (not in accordance with GAAP), Qualcomm's adjusted revenue for fiscal 2022 was $44.169 billion, up 32% from $33.467 billion in fiscal 2021, exceeding analysts' expectations; adjusted net profit was $14.254 billion, up 45% from $9.811 billion in fiscal year 2021 Adjusted diluted earnings per share were $12.53, up 47% from $8.54 in fiscal 2021 and exceeding analysts' expectations.

According to data provided by Yahoo Finance, 31 analysts had expected adjusted revenue of $44.11 billion in fiscal 2022, while 29 analysts had expected adjusted earnings per share of $12.51 in fiscal 2022.

Qualcomm's adjusted pre-tax profit for fiscal 2022 was $16.598 billion, up 47% from $11.263 billion in fiscal 2021, and adjusted operating profit was $17.067 billion, compared with $11.772 billion in fiscal 2021.

Qualcomm's revenue from equipment and services in fiscal 2022 was $37.171 billion, compared with $26.741 billion in fiscal 2021, and revenue from authorizations was $7.029 billion, compared with $6.825 billion in fiscal 2021.

By business unit, Qualcomm CDMA Technology Group had revenue of $37.677 billion in fiscal 2022, up 39% from $27.019 billion in fiscal 2021, and pre-tax profit of $12.837 billion, up 65% from $7.763 billion in fiscal 2021. Qualcomm Technology Licensing Group had revenue of $6.358 billion in fiscal 2022, up 1% from $6.32 billion in fiscal 2021, and pre-tax profit of $4.628 billion, roughly the same as $4.627 billion in fiscal 2021.

Qualcomm returned a total of $6.341 billion in cash to shareholders in fiscal year 2022, including $3.212 billion, or $2.86 per share, in the form of cash dividends, and $3.129 billion in cash to shareholders in the form of share buybacks, a total of 21 million common shares.

Performance outlook: Qualcomm expects revenue in the first quarter of fiscal 2023 to reach between $9.2 billion and $10 billion, with an average of $9.6 billion (currently about 69.888 billion yuan), below analysts' expectations. On average, 21 analysts expect Qualcomm's first-quarter revenue to reach $12.02 billion, according to Yahoo Finance.

By business unit, Qualcomm expects CDMA Technology Group revenue of $7.7 billion to $8.3 billion in the first quarter of fiscal 2023, and technology licensing group revenue of $1.45 billion to $1.65 billion.

Qualcomm also expects diluted earnings of $1.72 to $1.92 per share in fiscal 2023; excluding one-time items (excluding GAAP), Qualcomm expects adjusted earnings per share of $2.25 to $2.45 in the first quarter, with an average of $2.35, below analysts' expectations. On average, 23 analysts expect Qualcomm to earn $3.42 a share in the first quarter, according to data provided by Yahoo Finance.

Share price reaction: Qualcomm shares fell $4.83, or 4.12%, to close at $112.50 in regular Nasdaq trading. Qualcomm shares fell another $7.70, or 6.84 per cent, to $104.80 in after-hours trading as of 05:23 EDT on Wednesday (05:23 Beijing time on Thursday). Over the past 52 weeks, Qualcomm has priced as high as $193.58 and as low as $104.66.

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