Qualcomm reported first-quarter revenue of $7.1 billion for the first quarter of fiscal 2015 ended December 28, 2014. Its revenue rose 7.2% in the quarter that ended in December.
Qualcomm posted first-quarter net income of $2.0 billion, up 5.2% percent from a year ago. The chipmaker cut its revenue and earnings forecast for the full year, saying it now expects revenue of $26 billion to $28 billion, down from an earlier forecast of $26.8 billion to $28.8 billion.
“We delivered a strong quarter, achieving record quarterly revenues and Non-GAAP operating
income, and we also are very pleased to have resolved our previously disclosed dispute with a licensee in
China. Looking ahead, we have lowered our revenue outlook for our semiconductor business for the second half of the fiscal year and lowered our EPS expectations. These changes reflect our revised expectations related to OEM mix, sales to a large customer and heightened competition in China.”said Steve Mollenkopf, CEO of Qualcomm Incorporated.
Qualcomm has lowered the outlook for fiscal 2015 as it it expects its newest Snapdragon mobile chip will not be used in large customer’s flagship smartphone.