Qualcomm’s fiscal 2022 Q2 revenue hit a record $11.164 billion, with a net profit of $2.934 billion, a year-on-year increase of 67%

In the early morning of April 28th, Beijing time, Qualcomm released the company’s second quarter financial report for fiscal year 2022 today. According to the report, Qualcomm’s second-quarter revenue was $11.164 billion, an increase of 41% compared with $7.935 billion in the same period last year, setting a record; net profit was $2.934 billion, an increase of 67% compared with $1.762 billion in the same period last year. %; not in accordance with GAAP,Qualcomm’s second-quarter adjusted net profit was $3.661 billion, an increase of 68% from $2.185 billion in the same period last year.

Qualcomm’s second-quarter revenue and adjusted diluted earnings per share both exceeded Wall Street analysts’ expectations, and its outlook for third-quarter results also exceeded expectations, driving its stock price up more than 5% after the bell.

Main achievement:

In the quarter ended March 27, Qualcomm’s net profit was $2.934 billion, an increase of 67% compared with $1.762 billion in the same period last year; diluted earnings per share were $2.57, compared with $1.53 in the same period last year an increase of 68%. Qualcomm’s second-quarter operating profit was $3.858 billion, compared with $2.166 billion in the same period last year.

Excluding special one-time items (not in accordance with US GAAP), Qualcomm’s second-quarter adjusted net profit was $3.661 billion, an increase of 68% compared with $2.185 billion in the same period last year; adjusted earnings per diluted share It was $3.21, up 69% from $1.90 a year earlier, beating analyst expectations. According to data provided by Yahoo Finance Channel, 23 analysts had expected Qualcomm’s second-quarter earnings per share to reach $2.91 on average.

Qualcomm’s second-quarter revenue was $11.164 billion, a record 41% increase from $7.935 billion in the same period last year. Excluding special one-time items (not in accordance with GAAP), Qualcomm’s second-quarter adjusted revenue was $11.158 billion, an increase of 41% compared to $7.925 billion in the same period last year, which also exceeded analysis. teacher expectations. According to data provided by Yahoo Finance, 22 analysts had on average expected Qualcomm’s second-quarter revenue to reach $10.6 billion.

Department performance:

Qualcomm’s second-quarter revenue from devices and services was $9.417 billion, compared with $6.239 billion in the same period last year; revenue from licensing was $1.747 billion, compared with $1.696 billion in the same period last year.

By specific business sector:

(1) Qualcomm CDMA Technology Group’s revenue in the second fiscal quarter was US$9.548 billion, an increase of 52% compared with US$6.281 billion in the same period last year; pre-tax profit was US$3.340 billion, an increase of 111% compared with US$1.584 billion in the same period last year %; pre-tax profit accounted for 35% of revenue, compared with 25% in the same period last year, an increase of 10 percentage points year-on-year.

Within the CDMA Technology Group:

– Revenue from handheld devices in the first quarter was $6.325 billion, an increase of 56% compared to $4.065 billion in the same period last year;

– Revenue from the RF front-end business in the first quarter was $1.160 billion, an increase of 28% compared to $903 million in the same period last year;

– Revenue from the automotive business was $339 million in the first quarter, up 41% from $240 million in the same period last year;

– Revenue from the IoT business in the first quarter was $1.724 billion, an increase of 61% compared to $1.073 billion in the same period last year.

(2) Qualcomm Technology Licensing Group’s revenue in the second fiscal quarter was US$1.580 billion, down 2% from US$1.614 billion in the same period last year; pre-tax profit was US$1.154 billion, down 3 compared with US$1.191 billion in the same period last year %; pre-tax profit accounted for 73% of revenue, compared with 74% in the same period last year, a decrease of 1 year-on-year.

Costs and expenses:

Qualcomm’s total operating costs and expenses in the fiscal second quarter were $7.306 billion, compared with $5.769 billion in the same period last year. Among them, the cost of revenue was $4.648 billion, compared with $3.432 billion in the same period last year; research and development expenses were $2.034 billion, compared with $1.780 billion in the same period last year; sales, general and administrative expenses were $624 million, This compares to $557 million in the same period last year.

Additional Financial Information:

Qualcomm’s second-quarter operating cash flow was $2.698 billion, compared with $2.911 billion in the same period last year.

At the end of the second quarter of fiscal 2022, Qualcomm had total cash and cash equivalents of $7.173 billion, compared to $6.000 billion at the end of the second quarter of fiscal 2021.

Qualcomm returned a total of $1.7 billion in cash to shareholders in the second quarter of fiscal 2022, including $764 million in cash dividends, or approximately $0.68 per share, and in the form of common stock repurchases Received $951 million in cash and repurchased a total of 6 million shares of common stock.

Performance Outlook:

Qualcomm expects revenue in the third quarter of fiscal 2022 to reach between $10.5 billion and $11.3 billion, with an average of $10.9 billion, beating analyst expectations. Among them, the CDMA Technology Group’s revenue in the second quarter is expected to reach between $9.1 billion and $9.6 billion; the Technology Licensing Group’s second-quarter revenue is expected to reach between $1.4 billion and $1.6 billion. According to data provided by Yahoo Finance, 22 analysts on average expected Qualcomm’s third-quarter revenue to reach $9.98 billion.

Qualcomm also expects earnings per diluted share in the third quarter of fiscal 2022 to be between $2.35 and $2.55, and non-GAAP diluted earnings per share between $2.75 and $2.95, with an average of $2.35 to $2.55 per diluted share. At $2.85, it also beat analyst expectations. According to data provided by Yahoo Finance, 23 analysts on average expected Qualcomm’s third-quarter earnings per share to reach $2.59.

Share price changes:

On the same day, Qualcomm shares rose $1.60 in regular Nasdaq trading to close at $135.10, an increase of 1.20%. In subsequent after-hours trading as of 5:28 pm ET on Wednesday (5:28 am Beijing time on Thursday), Qualcomm’s shares rose again by $7.29, or 5.40%, to $142.39. In the past 52 weeks, Qualcomm’s highest price was $193.58 and its lowest price was $122.17.