07.27.18
Qualcomm Incorporated announced results for its fiscal third quarter ended June 24, 2018. The company reported GAAP revenues of $5.6 billion. EPS exceeds the high end of prior guidance range.
“We reported results significantly above our prior expectations for our fiscal third quarter, driven by solid execution across the company, including very strong results in our licensing business,” said Steve Mollenkopf, CEO of Qualcomm. “We intend to terminate our purchase agreement to acquire NXP when the agreement expires at the end of the day today, pending any new material developments. In addition, as previously indicated, upon termination of the agreement, we intend to pursue a stock repurchase program of up to $30 billion to deliver significant value to our stockholders.”
The company’s cash, cash equivalents and marketable securities totaled $35.9 billion at the end of the third quarter of fiscal 2018, compared to $37.8 billion a year ago and $39.6 billion at the end of the second quarter of fiscal 2018. In addition, funds of $2.0 billion were held to collateralize the letters of credit related to the proposed acquisition of NXP, which have been included in other noncurrent assets since the end of the first quarter of fiscal 2017, and funds of $2.8 billion were restricted for redemption of long-term debt, which were included in other current assets at the end of the third quarter of fiscal 2018.
“We reported results significantly above our prior expectations for our fiscal third quarter, driven by solid execution across the company, including very strong results in our licensing business,” said Steve Mollenkopf, CEO of Qualcomm. “We intend to terminate our purchase agreement to acquire NXP when the agreement expires at the end of the day today, pending any new material developments. In addition, as previously indicated, upon termination of the agreement, we intend to pursue a stock repurchase program of up to $30 billion to deliver significant value to our stockholders.”
The company’s cash, cash equivalents and marketable securities totaled $35.9 billion at the end of the third quarter of fiscal 2018, compared to $37.8 billion a year ago and $39.6 billion at the end of the second quarter of fiscal 2018. In addition, funds of $2.0 billion were held to collateralize the letters of credit related to the proposed acquisition of NXP, which have been included in other noncurrent assets since the end of the first quarter of fiscal 2017, and funds of $2.8 billion were restricted for redemption of long-term debt, which were included in other current assets at the end of the third quarter of fiscal 2018.
