Qualcomm released the company's fourth quarter and full-year financial results for fiscal 2022 today. According to the report, Qualcomm’s fourth-quarter revenue was $11.396 billion (currently about 82.963 billion yuan), an increase of 22% compared with $9.336 billion in the same period last year; net profit was $2.873 billion (currently about 20.915 billion yuan), compared with the net profit of 2.798 billion US dollars in the same period last year, a year-on-year increase of 3%; not in accordance with the US GAAP, Qualcomm's fourth-quarter adjusted net profit was 3.548 billion US dollars (currently about 25.829 billion yuan), and This was a 22% increase from $2.916 billion in the same period last year.
Qualcomm's fourth-quarter revenue slightly exceeded Wall Street analysts' expectations, and its adjusted earnings per share were in line with analysts ' expectations. Its shares fell nearly 7% after hours.
Fourth quarter results:
In the quarter that ended September 25, Qualcomm’s net profit was $2.873 billion, compared with $2.798 billion in the same period last year, an increase of 3% year-on-year; diluted earnings per share were $2.54, compared to Diluted earnings per share for the same period last year were $2.45. A year-on-year increase of 4%.
Excluding special one-time items (not in accordance with U.S. GAAP), Qualcomm's fourth-quarter adjusted net income was $3.548 billion, an increase of 22% from $2.916 billion in the same period last year; earnings per share were $3.13, increase of 23% compared with $2.55 in the same period last year, which was in line with analyst expectations. According to data provided by Yahoo Finance Channel, 23 analysts had expected Qualcomm's fourth-quarter adjusted earnings per share to reach $3.13 on average.
Qualcomm's fourth-quarter revenue was $11.396 billion, up 22% from $9.336 billion in the same period last year. Excluding special one-time items (not in accordance with U.S. GAAP), Qualcomm's adjusted revenue in the fiscal fourth quarter was $11.387 billion, a 22% increase from $9.321 billion in the same period last year, a performance that slightly exceeded analysts' expected. According to data provided by Yahoo Finance, 22 analysts had expected Qualcomm's fourth-quarter revenue to reach $11.37 billion on average.
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 U.S. GAAP), Qualcomm's adjusted operating profit in the fiscal fourth quarter was $4.256 billion, compared with adjusted operating profit of $3.402 billion in the same period last year.
Qualcomm's fourth-quarter revenue from devices and services was $9.807 billion, compared with $7.632 billion in the same period last year; revenue from licensing was $1.589 billion, compared with $1.704 billion in the same period last year.
Divided by specific business units, Qualcomm's CDMA Technology Group's fourth-quarter revenue was US$9.904 billion, an increase of 28% compared with US$7.733 billion in the same period last year; pre-tax profit was US$3.386 billion, compared with US$2.464 billion in the same period last year. then an increase of 37%. Qualcomm Technology Licensing Group's fourth-quarter revenue was $1.441 billion, down 8% from $1.558 billion in the same period last year; pretax profit was $989 million, down 11% from $1.114 billion in the same period last year.
Qualcomm's total operating costs and expenses in the fiscal fourth quarter were $7.730 billion, compared with $6.434 billion in the same period last year. Among them, the cost of revenue was $4.868 billion, compared with $3.937 billion in the same period last year; research and development expenses were $2.179 billion, compared with $1.878 billion in the same period last year; sales, general and administrative expenses were $683 million, This compares to $619 million in the same period last year.
Qualcomm's fourth-quarter operating cash flow was $1.446 billion, compared with $1.077 billion in the same period last year. At the end of the fourth quarter of fiscal 2022, Qualcomm had total cash and cash equivalents of $3.099 billion, compared with $7.116 billion at the end of the fourth quarter of fiscal 2021.
Qualcomm returned $841 million in cash to shareholders in the fourth quarter in the form of a cash dividend, or about $0.75 per share, and repurchased 3 million shares to return $500 million in cash to shareholders. Overall, Qualcomm returned a total of $1.341 billion in cash to shareholders during the quarter.
Fiscal 2022 Results:
For the entire 2022 fiscal year, Qualcomm's revenue was US$44.200 billion (currently about 321.776 billion yuan) , an increase of 32% compared with US$33.566 billion in fiscal 2021; net profit was US$12.936 billion (currently about 94.174 billion yuan) ), a 43% increase from fiscal 2021 net income of $9,043 million; diluted earnings per share of $11.37, a 44% increase from fiscal 2021 earnings of $7.87 per diluted share; pretax earnings of $14,998 million, an increase of 46% compared to $10.274 billion in fiscal 2021; operating profit was $15.860 billion, compared to $9.789 billion in fiscal 2021. Qualcomm's fiscal 2022 operating cash flow was $9.096 billion, compared to $10.536 billion in fiscal 2021.
Excluding special one-time items (not in accordance with US GAAP), Qualcomm's adjusted revenue for the fiscal year 2022 was $44.169 billion, an increase of 32% compared with $33.467 billion in fiscal 2021, exceeding analyst expectations; Adjusted net income was $14.254 billion, up 45% from $9.811 billion in fiscal 2021; adjusted earnings per diluted share were $12.53, up 47% from $8.54 in fiscal 2021, beating analyst expectations.
According to data provided by Yahoo Finance, 31 analysts had expected Qualcomm’s adjusted revenue in fiscal 2022 to reach $44.11 billion on average, and 29 analysts had expected Qualcomm’s adjusted earnings per share in fiscal 2022 to reach $44.11 billion. $12.51.
Qualcomm's adjusted pretax profit in fiscal 2022 was $16.598 billion, a 47% increase from $11.263 billion in fiscal 2021; its adjusted operating profit was $17.067 billion, compared with adjusted operating profit in fiscal 2021 of $11.772 billion.
Qualcomm's revenue from devices and services in fiscal 2022 was $37.171 billion, compared to $26.741 billion in fiscal 2021; revenue from licensing was $7.029 billion, compared with $6.825 billion in fiscal 2021.
Divided by specific business units, Qualcomm's CDMA Technology Group's revenue in the fiscal year 2022 was $37.677 billion, an increase of 39% compared with $27.019 billion in fiscal 2021; pre-tax profit was $12.837 billion, compared with $7.763 billion in fiscal 2021 Compared to an increase of 65%. Qualcomm Technology Licensing Group’s revenue in fiscal 2022 was $6.358 billion, an increase of 1% compared with $6.320 billion in fiscal 2021; pre-tax profit was $4.628 billion, which was basically the same as $4.627 billion in fiscal 2021.
Qualcomm returned a total of $6.341 billion in cash to shareholders in fiscal 2022, including $3.212 billion in cash dividends, or $2.86 per share, and $3.129 billion in stock repurchases. In US dollars in cash, the total number of common shares repurchased was 21 million.
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), which is less than analysts had expected. According to data provided by Yahoo Finance, 21 analysts on average expected Qualcomm's first-quarter revenue to reach $12.02 billion.
By business segment, Qualcomm expects CDMA Technology Group revenue to be in the range 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 first-quarter 2023 diluted earnings per share of $1.72 to $1.92; excluding one-time items (not in accordance with GAAP), Qualcomm expects first-quarter adjusted earnings per share to be $2.25 The dollar to $2.45, its average was $2.35, less than analysts had expected. According to data provided by Yahoo Finance Channel, 23 analysts on average expected Qualcomm's first-quarter earnings per share to reach $3.42.
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