Qualcomm announces Q2 fiscal 2014 results

SAN DIEGO, USA: Qualcomm Inc. announced results for the second quarter of fiscal 2014 ended March 30, 2014.

"We delivered another solid quarter, driven by demand for our leading multimode 3G/LTE chipset solutions and record licensing revenues," said Steve Mollenkopf, CEO of Qualcomm. "Looking forward, we are pleased to be raising our earnings per share guidance for the fiscal year. We continue to see increasing demand for our industry-leading chipsets and strong growth in calendar year 2014 of 3G/4G smartphones around the world."

Q2 results (GAAP)

Revenues: $6.37 billion, up 4 percent year-over-year (y-o-y) and down 4 percent sequentially.

Operating income: 1 $1.99 billion, up 6 percent y-o-y and 33 percent sequentially.

Net income: $1.96 billion, up 5 percent y-o-y and 4 percent sequentially.

Diluted earnings per share: $1.14, up 8 percent y-o-y and 5 percent sequentially.

Effective tax rate: 14 percent.

Operating cash flow: $1.81 billion, down 18 percent y-o-y; 28 percent of revenues.

Return of capital to stockholders: $1.59 billion, including $1.00 billion through repurchases of 13.4 million shares of common stock and $589 million, or $0.35 per share, of cash dividends paid.