Qualcomm Inc QCOM
Q2 2013 Earnings Call Transcript

Transcript Call Date 04/24/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the QUALCOMM Second Quarter Fiscal 2013 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded April 24, 2013. The playback number for today's call is 855-859-2056. International callers please dial 404-537-3406. The playback reservation number is 29888090.

I would now like to turn the call over to Warren Kneeshaw, Vice President of Investor Relations. Mr. Kneeshaw, please go ahead.

Warren Kneeshaw - VP, IR: Thank you, Ryan, and good afternoon, everyone. Today's call will include prepared remarks by Dr. Paul Jacobs, Steve Mollenkopf and George Davis. In addition, Derek Aberle and Don Rosenberg will join the question-and-answer session. An Internet presentation and audio broadcast accompany this call and you can access them by visiting our website at

During this conference call, if we use non-GAAP financial measures as defined in Regulation G, you can find the related reconciliations to GAAP on our website. I'd also like to direct you to our 10-Q and earnings release, which were filed and furnished respectively with the SEC today and are available on our website.

During this conference call, we will make forward-looking statements regarding future events or results of the company. Actual events or results could differ materially from these projected in the forward-looking statements. Please refer to our SEC filings, including our most recent Form 10-K and 10-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

And now it is my pleasure to introduce QUALCOMM's Chairman and Chief Executive Officer, Dr. Paul Jacobs.

Dr. Paul E. Jacobs - Chairman and CEO: Thanks Warren and good afternoon everyone. We are pleased to report another strong quarter with record revenues up 24% versus a year ago, driven by broad-based demand for smartphones and strong semiconductor volumes.

In recognition of our strong financial position and the continued growth in our business we recently announced 40% increase in our dividend and a new $5 billion share repurchase authorization.

In QCT we continue to drive technology and product leadership, first products announcements by our customers on our new QUALCOMM Snapdragon 600 and 800 processors. We launched our new QUALCOMM RF360 front end solution, and we extended our support of the industry's widest range of operating systems to include Mozilla's web-based Firefox OS and innovations such as Facebook Home. QUALCOMM is now ranked by revenues as the third largest semiconductor provider in the world, up from sixth last year and ninth the year before according to IHS.

Turning to QTL, total reported device sales came in towards the high end of our prior guidance range, reflecting continued global adoption of smartphones, particularly in emerging regions. This marks another record quarter of total reported device sales in QTL revenues. We also continue to grow our licensee base and now have our over 230 CMA licensees and more than 50 single mode OFDMA licensees.

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