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Qualcomm Ends Fiscal Year

SAN DIEGO — Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the fourth fiscal quarter and year ended September 26, 2010.

“I am very pleased with our performance this year as we delivered record earnings per share and record MSM chipset volumes,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “Our outlook includes strong revenue and earnings growth in fiscal 2011. In the coming year, we expect continued strong growth in CDMA-based device shipments, including smartphones and other data-centric devices, driven by the global adoption of 3G and accelerating consumer demand for wireless data. With our industry-leading chipset roadmap, broad licensing program and increasing number of global partners, we are well positioned to take advantage of these industry trends.”

GAAP Results

Qualcomm results are reported in accordance with generally accepted accounting principles (GAAP).

Fourth Quarter Fiscal 2010

• Revenues: $2.95 billion, up 10 percent year-over-year (y-o-y) and 9 percent sequentially.
• Operating income: $837 million, up 40 percent y-o-y and 6 percent sequentially.
• Net income: $865 million, up 8 percent y-o-y and 13 percent sequentially.
• Diluted earnings per share: $0.53, up 10 percent y-o-y and 13 percent sequentially.
• Effective tax rate: 17 percent.
• Operating cash flow: $1.09 billion, down 17 percent y-o-y; 37 percent of revenues.
• Return of capital to stockholders: $427 million, including $305 million, or $0.19 per share, of cash dividends paid, and $122 million to repurchase 3.5 million shares of our common stock.

Fiscal 2010

• Revenues: $10.99 billion, up 6 percent y-o-y.
• Operating income: $3.28 billion, up 47 percent y-o-y.
• Net income: $3.25 billion, up 104 percent y-o-y.
• Diluted earnings per share: $1.96, up 106 percent y-o-y.
• Effective tax rate: 20 percent.
• Operating cash flow: $4.08 billion, down 43 percent y-o-y; 37 percent of revenues.
• Return of capital to stockholders: $4.19 billion, including $1.18 billion, or $0.72 per share, of cash dividends paid, and $3.02 billion to repurchase 79.8 million shares of our common stock.

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