Qualcomm Throws Up Some Big Numbers, Sees Double-Digit Growth Ahead

11/16/12Follow @bvbigelow

With 300 million smartphones sold worldwide during the first six months of this year, Qualcomm CEO Paul Jacobs is feeling bullish about industry trends that are carrying the wireless giant to record revenues, profits, and mobile chip shipments.

Jacobs told financial analysts who gathered at the company’s San Diego headquarters yesterday he expects Qualcomm will continue to show double-digit growth in both sales and earnings (compound annual growth rate) over the next five years. (Qualcomm usually holds its annual analyst day in New York, but lower Manhattan was still mopping up after Hurricane Sandy.)

Last week, Qualcomm (Nasdaq: QCOM) reported record annual revenues of $19.1 billion for the fiscal year that ended Sept. 30, a 28 percent increase over sales of nearly $15 billion in fiscal 2011. The wireless giant also posted a record annual profit of $6.1 billion, a 43 percent jump over the $4.2 billion earned in fiscal 2011, and record shipments of 590 million MSM chipsets.

Jacobs charted the company’s outlook for fiscal 2013, saying Qualcomm’s growth is being driven by unprecedented worldwide demand for mobile devices and wireless bandwidth, fueled by an … Next Page »

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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