Chipset IP company Qualcomm (NASDAQ: QCOM) has announced its Q1 FY2012 results for the 3 months ending 25 December 2011.

Revenues were $4.68 billion, up 40 percent year-on-year.

Net income was $1.4 billion, up 20 percent.

Operating cash flow was $1.78 billion, up 38 percent.

Big bang

During Q1, the company shipped 156 million chips, up 32 percent year-on-year.

"I am pleased to report another record quarter with revenues, earnings and MSM shipments reaching all-time highs, driven by our industry-leading chipset portfolio and the continued strong demand for smartphones around the world," said Paul Jacobs, Qualcomm's chairman and CEO.

"We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012."

The company ended the quarter with cash, cash equivalents and marketable securities of $22 billion, compared to $20.9 billion three months ago.

During the quarter, Qualcomm paid out $362 million to shareholders as a dividend ($0.215 per share) and spent $99 million repurchasing 2 million shares.

[source: Qualcomm PDF]