With 300 million smartphones sold worldwide during the first six months of this year, Qualcomm CEO Paul Jacobs is feeling bullish about industry trends that are carrying the wireless giant to record revenues, profits, and mobile chip shipments.
Jacobs told financial analysts who gathered at the company’s San Diego headquarters yesterday he expects Qualcomm will continue to show double-digit growth in both sales and earnings (compound annual growth rate) over the next five years. (Qualcomm usually holds its annual analyst day in New York, but lower Manhattan was still mopping up after Hurricane Sandy.)
Last week, Qualcomm (Nasdaq: [[ticker:QCOM]]) reported record annual revenues of $19.1 billion for the fiscal year that ended Sept. 30, a 28 percent increase over sales of nearly $15 billion in fiscal 2011. The wireless giant also posted a record annual profit of $6.1 billion, a 43 percent jump over the $4.2 billion earned in fiscal 2011, and record shipments of 590 million MSM chipsets.
Jacobs charted the company’s outlook for fiscal 2013, saying Qualcomm’s growth is being driven by unprecedented worldwide demand for mobile devices and wireless bandwidth, fueled by an
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Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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