Qualcomm sees strong chipset demand with Q2 2010 revenues up 8% to $2.66 billion
3G footprint continues to expand
Net income was $774 million compared to a loss of $289 million during Q2 2009, although this was due to a litigation settlement charge of $748 million with Broadcom.
Operating cash flow was $793 million, down 37 percent year-on-year.
3G going global
"We delivered strong financial results this quarter, driven by healthy 3G device shipments and greater than expected demand for our chipsets. 3G subscribers have now surpassed 1 billion worldwide," said Dr Paul Jacobs, Qualcomm's CEO and chairman.
"Our business is executing well and we are pleased to be raising our earnings guidance for the fiscal year."
During the quarter, Qualcomm spent $1.71 billion repurchasing shares, while paying out $279 million in dividends.
Qualcomm finished the quarter with $18.2 billion in cash, cash equivalents and marketable securities, down 3.8 percent compared to Q1 2010.