Earnings: Qualcomm Revenues Up 21 Percent

Qualcomm has issued its first quarter results for the 3 months ending March 31st, showing an increase of revenue to $2.22 billion, up 21 percent year-on-year and 10 percent sequentially. Net income increased a corresponding amount, coming in at $726 million, or 22 percent year-on-year and 12 percent sequentially. Qualcomm raised its guidance for fiscal 2007 revenue due to “stronger than expected chipset demand”.

MediaFLO Expenses: Qualcomm’s spending on R&D increased 16 percent year-on-year to 454 million, with most of it going on MediaFLO.

Nokia Battle: Qualcomm’s selling, general and administrative expenses increased 60 percent year-on-year mainly due to legal fees, as well as employee related expenses and bad debt. The earnings release notes: “We do not expect to be able to record royalty revenue attributable to Nokia

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