On January 25th 2017, Qualcomm Inc announced their results for the first quarter of 2017, ended December 25th 2016. Qualcomm has reported double digit losses for the quarter, concerning analysts at GSI Markets.
“We are pleased with the strong start to our fiscal year and the year-over-year earnings growth across both our semiconductor and licensing businesses,” said Steve Mollenkopf, CEO of Qualcomm Incorporated.
“Looking ahead, the pending NXP acquisition accelerates our strategic transformation in the high growth areas of automotive, IoT, security and networking. We are very well positioned to lead as the semiconductor engine for the intelligent, connected world.”
For the first quarter of 2017, Qualcomm reported GAAP revenues of $6.0 billion, up from $5.8 billion in the first quarter of 2016, representing 4% growth year-over-year.
GAAP operating income reported was $800 million, down 54% year-over-year from $1.7 billion in the same period of 2016. Non-GAAP operating income was $2.1 billion, up 19% year-over-year.
GAAP net income was also down 54% to $700 million, from $1.5 billion in the first quarter of last year. Non-GAAP net income was reported as $1.8 billion, up 21% year-over-year.
Operating cash flow for the quarter was $1.4 billion, down 50% from $2.7 billion in the first quarter of 2016.
Qualcomm reported GAAP earnings per share (EPS) of $0.46, down 54% from $0.99 in the same quarter, a year ago, while non-GAAP earnings per share (EPS) was $1.19, up 23% year-over-year.
GAAP results for the quarter included a $868 million charge, or $0.49 per share, which was accrued, related to the Korea Free Trade Commission (KFTC) investigation.
The Stock Market
As of 08:00 GMT on Feb. 1st 2017, Qualcomm Inc. stock (NASDAQ: QCOM) is trading at a value of 53.43 USD per share after a decline of 0.34%. The highest weekly close was 53.64 USD per share.
Qualcomm stock was trading at a peak of 66.88 USD per share on January 13th, yet fell to 54.88 USD by January 23rd after Apple Inc filed a lawsuit against Qualcomm. The stock saw a marginal incline after the company’s announcement of quarterly results.
Speak with an expert at GSI Markets before trading Qualcomm stock to minimize risk and maximise profits. The traders at GSI Markets are trading Qualcomm stock on MetaTrader4.