qualcomm inc (QCOM) Key Developments
QUALCOMM Incorporated Announces Executive Changes
Jul 27 15
Qualcomm Incorporated announced the appointment of Sunil Lalvani as vice president and president of Qualcomm India, and the departure of Avneesh Agrawal, senior vice president and president of Qualcomm India and South Asia. Lalvani's appointment will be effective July 27, 2015 and he will report directly to Cristiano Amon, executive vice president and co-president, Qualcomm Technologies Inc. Lalvani has more than 20 years of experience in sales, business development, strategic planning and business operations across the IT and telecom sectors. He joins Qualcomm from BlackBerry, where he served most recently as managing director of India and SAARC (South Asian Association for Regional Cooperation). In this role, Lalvani was responsible for overseeing and driving BlackBerry's overall business strategy and growth in India and was focused on driving differentiated solutions for consumers and enterprise customers. Lalvani was also instrumental in leading a strong engagement with Carrier partners and ISV's in India, to drive uptake of BlackBerry's services portfolio in the India region. Prior to that, Lalvani held the position of Director of Enterprise Sales. Lalvani also has worked at EMC Corporation, Nokia Corporation, Cisco Systems and SITA Equant Network (now Orange Business Services).
Qualcomm Incorporated and Partners Develop LTE Unlicensed Technology
Jul 23 15
Qualcomm Incorporated and its wireless industry partners, have announced that they are developing LTE Unlicensed technology, which can reportedly increase mobile users' download speeds by transmitting data over both licensed and unlicensed spectrum. It incorporates the superior attributes of 4G LTE Advanced and integrates spectrum sharing tools to ensure fair sharing with all other unlicensed uses including Wi-Fi. LTE Unlicensed takes advantage of 4G LTE Advanced features to support a 1000X increase in data traffic by enabling densification of service provider networks using small cells, deployment of more spectrally efficient technologies, and aggregation of licensed and unlicensed spectrum resources to provide greater capacity for smartphones and tablets, and provide consumers with a far better user experience. LTE Unlicensed brings into the unlicensed realm for the first time certain attributes from cellular to support successful wide scale deployments, which will enable service providers to provide an improved level of service in the face of increased traffic demands. LTE Unlicensed incorporates a number of tools, such as channel sensing and listen-before-talk type techniques, to ensure that it shares spectrum fairly with other unlicensed uses like Wi-Fi.
QUALCOMM Reconsidering The Splitting Of Business Units
Jul 23 15
QUALCOMM Incorporated (NasdaqGS:QCOM) said it has bowed to pressure to reconsider splitting up its two main business units, one that designs chips and one that collects patent-license fees on smartphones. "We're just taking a fresh look," said Mollenkopf, who has previously argued that the two units complement each other. Such a division could deprive the chip-design business of cash for research and development, and might potentially starve the patent unit of new inventions made by its engineers.
QUALCOMM Incorporated Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 28, 2015; Provides Tax Rate Guidance for the Full Year 2015; Reports Impairment Charges for the Third Quarter of 2015
Jul 22 15
QUALCOMM Incorporated reported unaudited consolidated earnings results for the third quarter and nine months ended June 28, 2015. For the quarter, on GAAP basis, the company reported total revenues of $5,832 million compared to $6,806 million a year ago. Operating income was $1,235 million compared to $2,075 million a year ago. EBT was $1,398 million compared to $2,497 million a year ago. Net income attributable to company was $1,184 million or $0.73 diluted per share compared to $2,238 million or $1.31 diluted per share a year ago. Net cash provided by operating activities was $2,116 million compared to $2,673 million a year ago. Capital expenditures were $366 million compared to $158 million a year ago. Income from continuing operations was $1,183 million against $2,237 million a year ago.
On non-GAAP basis, operating income was $1,709 million compared to $2,425 million a year ago. EBT was $1,900 million compared to $2,834 million a year ago. Net income was $1,611 million or $0.99 diluted per share compared to $2,470 million or $1.44 diluted per share a year ago. Income from continuing operations was $1,611 million.
For the nine months period, on GAAP basis, the company reported total revenues of $19,825 million compared to $19,795 million a year ago. Operating income was $4,636 million compared to $5,558 million a year ago. EBT was $5,236 million compared to $6,526 million a year ago. Net income attributable to company was $4,209 million or $2.53 diluted per share compared to $6,073 million or $3.53 diluted per share a year ago. Net cash provided by operating activities was $3,822 million compared to $7,268 million a year ago. Capital expenditures were $815 million compared to $955 million a year ago. Income from continuing operations was $4,207 million against $5,640 million a year ago.
On non-GAAP basis, operating income was $6, 948 million compared to $2,425 million a year ago. EBT was $7,598 million compared to $7,599 million a year ago. Net income was $6,213 million or $3.74 diluted per share compared to $6,888 million or $4.01 diluted per share a year ago. Income from continuing operations was $6,213 million.
The company's estimated annual tax rates for fiscal 2015 GAAP and Non-GAAP decreased from prior estimates of 21% and 19%, respectively, primarily resulting from an increase in the allocation of expenses to united states operations and are estimated to be approximately 19% for GAAP and approximately 18% for Non-GAAP.
The company reported long-lived asset and goodwill impairment charges of $166 million for the third quarter of 2015 compared to $164 million a year ago.
QUALCOMM Incorporated Announces Board Appointments
Jul 22 15
Qualcomm Incorporated announced that Mark McLaughlin and Tony Vinciquerra have been added to the Board and the company plans to appoint one additional independent director. These directors bring skills and perspectives that will be helpful to the company as it implements its Strategic Realignment Plan. The company is also reducing the average tenure of the Board of Directors. General Brent Scowcroft and Duane Nelles have retired from the Board. Sir Donald Cruickshank had previously informed the company that he will not stand for re-election to the Board in 2016. Raymond Dittamore has advised the company that, assuming he is re-elected to the Board at the Company's 2016 Annual Meeting of Stockholders, he does not intend to stand for re-election in 2017. Mark D. McLaughlin is Chairman, President and Chief Executive Officer of Palo Alto Networks. He joined the company as President and Chief Executive Officer in August of 2011 and became Chairman of the Board in 2012. He previously served as President and Chief Executive Officer of Verisign, where he held a number of key positions from 2000 to 2007. Anthony J. Tony Vinciquerra is Senior Advisor to Texas Pacific Group in the Technology, Media and Telecom sectors, where he advises TPG on acquisitions and operations. Previously, he was Chairman and Chief Executive Officer of Fox Networks Group. Prior to joining Fox, he was Executive Vice President and Chief Operating Officer of Hearst-Argyle Television.