For the fiscal year, Qualcomm reported revenues of $22.7 billion, up slightly from $22.3 billion last year. Operating income was $0.7 billion, down $2.6 billion last year. Operating cash flow was $3.9 billion, down from $5.0 billion last year.
“We delivered a strong quarter, with non-GAAP earnings per share above the high end of our prior expectations, on greater than expected chipset demand in QCT and lower operating expenses,” said Steve Mollenkopf, CEO of Qualcomm. “We are executing well on our strategic objectives, including driving the commercialization of 5G globally in 2019 and returning significant capital to our stockholders.”
The company noted that the fiscal 2018 GAAP results included a $6 billion charge related to the enactment of the Tax Cuts and Jobs Act (the Tax Legislation) in the US in the first quarter of fiscal 2018; a $2 billion charge related to a termination fee paid to NXP Semiconductors N.V. in the fourth quarter of fiscal 2018 resulting from the termination of the purchase agreement; a $1.2 billion charge for the fine imposed by the European Commission (EC) in the first quarter of fiscal 2018.