Qualcomm, Inc. (QCOM): Solid Results In A Weak Handset Market

Qualcomm, Inc. (QCOM): Solid Results In A Weak Handset Market

BMO Capital Markets analysts Tim Long, Alex Spektor and Ari Klein maintain an Outperform rating for Qualcomm, Inc. (NASDAQ:QCOM) as the company reports solid December quarter results.

Qualcomm, Inc. (NASDAQ:QCOM) beat the December quarter, and guidance was slightly lower for March but higher for the FY. The royalty business was as expected in both September and December. Even with some weak handset OEM reports, we calculate TRDS growing 17% in the December quarter. The chip business was really strong, growing units sequentially by over 10% once again. We also estimate that chip GMs improved by 150 bp in the quarter. The company repurchased $1 billion of its stock and still ended the quarter $2.2 billion higher at $31.6 billion. We are raising our FY2014/2015 pro forma EPS estimates for Qualcomm from $5.05/$5.70 to $5.10/$5.75.

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Qualcomm’s earnings impact and analysis

Qualcomm, Inc. (NASDAQ:QCOM) continues to post solid results, even