Qualcomm ends Q1 2013 with net profit of $1.91 billion

Bust out the champagne, Qualcomm shareholders, because the company delivered the financial results for its fiscal Q1 2013 today, and things are looking pretty good across the board. GAAP revenue came in at $6.09 billion, which is up 29% year-over-year and 24% over the previous quarter. Of that $6.09 billion, Qualcomm got to keep $1.91 billion, with net profits up 36% year-over-year and a whopping 50% sequentially.

That puts GAAP diluted earnings-per-share at $1.09 for the quarter, while operating income settled at $2.09 billion. Looking at the non-GAAP side of things, revenue is again at $6.02 billion, while net income rises to $2.20 billion, climbing 32% over the year-ago quarter and 42% sequentially. Diluted earnings-per-share rises a bit from the GAAP numbers as well, finishing the quarter at $1.26.

Any way you slice it, it was a pretty good quarter for Qualcomm. Perhaps most important, Qualcomm is getting its fiscal year off to an excellent start by posting these results. MSM chip shipments were up 17% year-over-year to 182 million units, so Qualcomm’s chip business is certainly looking healthy and we continue on through 2013. Cash, cash equivalents, and marketable securities ended up at $28.4 billion as the quarter wrapped up, so make no mistake, Qualcomm has plenty of loot in its coffers.

Since the company’s performance during the quarter was so good, Qualcomm has decided to raise its forecast for fiscal 2013. The company is now planning to make more than it had originally projected, which is an excellent position to be in. Are you surprised that Qualcomm raked in the cash during its fiscal quarter 1, or were you expecting it all along?