SAN DIEGO-Qualcomm Inc. reported company revenue fell slightly in the second quarter, to $727.7 million, compared with $932.4 million for the same period in 1999.
Even with the loss of revenue, Qualcomm reported company net income increased from a loss of $42.6 million during the second quarter of 1999, to a profit of $199.7 million this year.
Net earnings per common share also increased from a loss of 7 cents per diluted share to a profit of 25 cents per diluted share.
“During the quarter, we successfully completed the sale of our phone business to Kyocera,” noted Dr. Irwin Jacobs, chairman and chief executive officer of Qualcomm. “As expected, second quarter revenue reflected lower shipments in our chip business. However, we believe industry inventories have returned to normal levels and we expect a strong second half with record MSM chip shipments.”
