Qualcomm released the company's first-quarter financial report for the fiscal year 2022 today. The report shows that Qualcomm’s revenue in the first quarter was US$10.705 billion, an increase of 30% compared with US$8.235 billion in the same period last year; net profit was US$ 3.399 billion, an increase of 38% compared with US$2.455 billion in the same period last year; Not in accordance with the US generally accepted accounting principles (Non-GAAP), Qualcomm's adjusted net profit in the first quarter was 3.686 billion US dollars, an increase of 47% compared with 2.510 billion US dollars in the same period last year.
Qualcomm's first-quarter revenue and adjusted earnings per share exceeded Wall Street analysts' expectations, and the company's outlook for the second quarter of fiscal 2022 also exceeded expectations, but its shares still fell more than 3% after the market.
The details of the financial report are as follows:
Net profit/loss:
In the quarter ended December 26, 2021, Qualcomm's net profit was $3.399 billion, an increase of 38% compared with $2.455 billion in the same period last year; diluted earnings per share were $2.98, compared with $2.98 in the same period last year Diluted earnings per share of $2.12 increased 41%. Qualcomm's first-quarter operating profit was $3.864 billion, compared with $2.526 billion a year earlier.
Not in accordance with GAAP (excluding certain one-time items), Qualcomm's first-quarter adjusted net income was $3.686 billion, an increase of 47% compared to $2.510 billion in the same period last year; adjusted per-share Diluted earnings of $3.23 were up 49% from $2.17 a year earlier, beating analyst expectations. According to data provided by Yahoo Finance, 24 analysts had expected Qualcomm's first-quarter adjusted earnings per diluted share to reach $3.01 on average.
Revenue:
Qualcomm's first-quarter revenue was $10.705 billion, a 30% increase from $8.235 billion in the same period last year. Not in accordance with U.S. GAAP (excluding certain one-time items), Qualcomm's first-quarter adjusted revenue was $10.697 billion, an increase of 30% compared to $8.226 billion in the same period last year. Analysts expected. According to data provided by Yahoo Finance, 22 analysts had expected Qualcomm's first-quarter revenue to reach $10.42 billion on average.
Qualcomm's first-quarter revenue from devices and services was $8.682 billion, compared with $6.442 billion in the same period last year; revenue from licensing was $2.023 billion, compared with $1.793 billion in the same period last year.
By specific business unit, Qualcomm's CDMA Technology Group's first-quarter revenue was $8.847 billion, an increase of 35% compared to $6.533 billion in the same period last year; pre-tax profit was $3.114 billion, compared with the same period last year It was US$1.919 billion, an increase of 62% year-on-year; the pre-tax profit margin was 35%, an increase of 6 percentage points compared with 29% in the same period of the previous year. Qualcomm Technology Licensing Group's first-quarter revenue was $1.818 billion, an increase of 10% compared to $1.660 billion in the same period last year; pretax profit was $1.406 billion, an increase of 11% compared with $1.270 billion in the same period last year; The pre-tax profit margin was 77%, flat compared to the same period last year.
Within the CDMA Technology Group, Qualcomm's first-quarter revenue from the headset business was $5.983 billion, an increase of 42% compared with $4.216 billion in the same period last year; revenue from the RF front-end business was 11.32 $1.061 billion in the same period last year, an increase of 7%; revenue from the automotive business was $256 million, an increase of 21% compared with $212 million in the same period last year; revenue from the Internet of Things business increased by 21%. Revenue was $1.476 billion, up 41% from $1.044 billion a year earlier.
Qualcomm's total operating costs and expenses in the fiscal first quarter were $6.841 billion, compared with $5.709 billion a year earlier. Among them, the cost of service revenue was $4.303 billion, compared with $3.489 billion in the same period last year; research and development expenses were $1.930 billion, compared with $1.653 billion in the same period last year; sales, general and administrative expenses were $6.08 million, compared with $567 million a year earlier.
Additional financial details:
Qualcomm's first-quarter operating cash flow was $2.057 billion, compared with $3.175 billion in the same period a year earlier. As of December 26, 2021, Qualcomm had total cash and cash equivalents of $6.607 billion, compared to $7.176 billion at the end of the first quarter of fiscal 2021.
Qualcomm returned a total of $1.9 billion in cash to shareholders in the first quarter of fiscal 2022, including $765 million in cash dividends, or $0.68 per share; and repurchased 8 million shares of common stock This form returned $1.2 billion in cash to shareholders.
Performance Outlook:
Qualcomm expects revenue in the second quarter of fiscal 2022 to reach $10.2 billion to $11 billion, with the median ($10.6 billion) exceeding analysts’ previous expectations. According to data provided by Yahoo Finance Channel, 22 analysts had expected Qualcomm's second-quarter revenue to reach $9.61 billion on average. By business unit, Qualcomm expects second-quarter revenue for the CDMA Technologies Group to reach $8.7 billion to $9.3 billion, and that for the Technology Licensing Group to reach $1.45 billion to $1.65 billion.
Qualcomm expects earnings per share in the second quarter to be $2.39 to $2.59; excluding one-time items (not in accordance with GAAP), Qualcomm expects earnings per share in the second quarter to be $2.80 to $3.00, of which The value ($2.90) exceeded analysts' previous expectations. According to data provided by Yahoo Finance Channel, 23 analysts had expected Qualcomm's second-quarter earnings per share to reach $2.49 on average.
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