Qualcomm today released the fourth quarter and full-year financial report for the 2021 fiscal year. After the earnings report was released, Qualcomm’s stock price rose more than 6% in after-hours trading. Despite the global chip shortage, Qualcomm’s smartphone chip sales in the fourth fiscal quarter increased by 56% year-on-year, and Qualcomm’s revenue also exceeded Wall Street’s expectations.
According to the report, Qualcomm’s fourth-quarter revenue was US$9.336 billion, an increase of 12% from US$8.346 billion in the same period last year; net profit was US$2.798 billion, compared with a net profit of US$2.960 billion in the same period last year. A decline of 5%; not in accordance with the US GAAP, Qualcomm’s adjusted net profit for the fourth fiscal quarter was US$2.916 billion, an increase of 75% compared to US$1.669 billion in the same period last year.
Qualcomm’s IoT business, which produces low-power chips to connect other devices to the Internet, is part of QCT, which grew 66% to $1.5 billion. The RF front-end chip required to connect to the 5G network increased by 45% to $1.24 billion.
Qualcommcell phoneThe business is the second-most-growing product category in the quarter ended last December, with sales of US$4.69 billion. Qualcomm expects to provide chips for as many as 550 million 5G smartphones by 2022, which is slightly lower than its previous forecast.
Qualcomm’s automotive business remains the company’s smallest chip product category. Although the company announced a number of partnerships with automakers such as General Motors during the quarter, it still grew 44% to $270 million.
Qualcomm said it repurchased $1.54 billion of its own stock this quarter and paid $768 million in dividends.
According to reports, Qualcomm today released the fourth quarter and full-year financial report for the 2021 fiscal year. According to the report, Qualcomm’s fourth-quarter revenue was US$9.336 billion, an increase of 12% from US$8.346 billion in the same period last year; net profit was US$2.798 billion, compared with a net profit of US$2.960 billion in the same period last year. A decline of 5%; not in accordance with the US GAAP, Qualcomm’s adjusted net profit for the fourth fiscal quarter was US$2.916 billion, an increase of 75% compared to US$1.669 billion in the same period last year.
Qualcomm’s fourth-quarter results exceeded Wall Street analysts’ expectations, and its outlook for revenue and adjusted earnings per share for the first quarter of fiscal year 2022 also exceeded expectations, driving its after-hours stock price up nearly 7%.
Results for the fourth quarter:
In the fiscal quarter ended September 26, Qualcomm’s net profit was US$2.798 billion, compared with US$2.960 billion in the same period last year, a year-on-year decrease of 5%; diluted earnings per share was US$2.45, compared with Diluted earnings per share for the same period last year was $2.58. A year-on-year decrease of 5%. Excluding special one-off items (not in accordance with US GAAP), Qualcomm’s adjusted net profit for the fourth fiscal quarter was US$2.916 billion, an increase of 75% compared to US$1.669 billion in the same period last year; earnings per share were US$2.55 , An increase of 76% compared with 1.45 US dollars in the same period last year, this performance exceeded analyst expectations. According to data provided by the Yahoo Finance Channel, 23 analysts had previously expected Qualcomm’s adjusted earnings per share to reach $2.26 in the fourth quarter.
Qualcomm’s fourth-quarter revenue was US$9.336 billion, an increase of 12% compared to US$8.346 billion in the same period last year. Excluding special one-time items (not in accordance with US GAAP), Qualcomm’s fourth-quarter revenue was US$9.321 billion, an increase of 43% compared to US$6.502 billion in the same period last year. This performance also exceeded analyst expectations. . According to data provided by the Yahoo Finance Channel, 22 analysts had previously expected Qualcomm’s fourth-quarter revenue to reach 8.86 billion U.S. dollars.
Qualcomm’s fourth-quarter operating profit was US$2.902 billion, compared with US$3.452 billion in operating profit in the same period last year. Excluding special one-time items (not in accordance with US GAAP), Qualcomm’s adjusted operating profit for the fourth fiscal quarter was US$3.402 billion, compared with US$2.026 billion in operating profit in the same period last year.
Qualcomm’s fourth-quarter revenue from equipment and services was US$7.632 billion, compared to US$4.921 billion in the same period last year; revenue from authorization was US$1.704 billion, compared to US$3.425 billion in the same period last year.
Divided by specific business sectors, Qualcomm CDMA Technology Group’s fourth-quarter revenue was US$7.733 billion, an increase of 56% compared to US$4.967 billion in the same period last year; profit before tax was US$2.464 billion, compared with US$1.015 billion in the same period last year. This is an increase of 143%. Qualcomm Technology Licensing Group’s fourth-quarter revenue was US$1.558 billion, an increase of 3% compared to US$1.507 billion in the same period last year; pre-tax profit was US$1.114 billion, an increase of 1% compared to US$1.107 billion in the same period last year.
Qualcomm’s total operating costs and expenditures in the fourth fiscal quarter were $6.434 billion, compared with $4.894 billion in the same period last year. Among them, the cost of revenue was 3.937 billion U.S. dollars, compared with 2.766 billion U.S. dollars in the same period last year; R&D expenditure was 1.878 billion U.S. dollars, compared with 1.583 billion U.S. dollars in the same period last year; sales, general affairs and administrative expenses were 619 million U.S. dollars. This compares to 551 million U.S. dollars in the same period last year; other expenses are zero, compared to 6 million U.S. dollars in other income in the same period last year.
Qualcomm’s operating cash flow in the fourth fiscal quarter was US$1.077 billion, compared with US$1.741 billion in operating cash flow in the same period last year. As of the end of the fourth fiscal quarter of fiscal 2021, Qualcomm’s total cash and cash equivalents were $7.116 billion, compared to $6.707 billion as of the end of the fourth fiscal quarter of fiscal 2020.
In the fourth quarter of the fiscal quarter, Qualcomm returned $768 million in cash to shareholders by way of cash dividends, or about $0.68 per share; and repurchased 5 million shares to return $771 million in cash to shareholders. Overall, Qualcomm returned a total of $1.539 billion in cash to shareholders in this quarter.
Results for fiscal year 2021:
Throughout the 2021 fiscal year, Qualcomm’s revenue was 33.566 billion U.S. dollars, an increase of 43% compared to the 2020 fiscal year’s 23.531 billion U.S. dollars; net profit was 9.043 billion U.S. dollars, an increase of 74 compared to the 2020 fiscal year net profit of 5.198 billion U.S. dollars. %; Diluted earnings per share was US$7.87, an increase of 74% compared to the diluted earnings per share of US$4.52 in fiscal year 2020; profit before tax was US$10.274 billion, an increase of 80% compared with US$5.719 billion in fiscal year 2020; Profit was 9.789 billion U.S. dollars, compared to 6.255 billion U.S. dollars in operating profit for the 2020 fiscal year. Qualcomm’s operating cash flow in fiscal 2021 was US$10.536 billion, compared with US$5.814 billion in operating cash flow in fiscal 2020.
Excluding special one-off items (not in accordance with US GAAP), Qualcomm’s adjusted revenue for fiscal 2021 was $33.467 billion, an increase of 55% compared with $21,654 million in fiscal 2020; adjusted net profit was US$9.811 billion, an increase of 104% compared to US$4.816 billion in fiscal year 2020; adjusted diluted earnings per share was US$8.54, an increase of 104% compared to US$4.19 in fiscal year 2020; adjusted pre-tax profit was US$11.263 billion , An increase of 105% compared to 5.484 billion U.S. dollars in fiscal year 2020; adjusted operating profit was 11.772 billion U.S. dollars, compared with adjusted operating profit in fiscal 2020 of 5.932 billion U.S. dollars.
Qualcomm’s revenue from equipment and services in fiscal 2021 was $26.741 billion, compared to $16.298 billion in fiscal year 2020; revenue from authorization was $6.825 billion, compared to $7.233 billion in fiscal year 2020.
Divided by specific business sectors, Qualcomm CDMA Technology Group’s revenue for fiscal 2021 was US$27.019 billion, an increase of 64% compared to US$16.493 billion in fiscal year 2020; profit before tax was US$7.763 billion, compared with US$2.763 billion in fiscal year 2020. Compared with an increase of 181%. Qualcomm Technology Authorized Group’s revenue for fiscal 2021 was US$6.32 billion, an increase of 26% compared to US$5.028 billion in fiscal year 2020; pre-tax profit was US$4.627 billion, an increase of 34% compared with US$3.442 billion in fiscal year 2020.
Qualcomm returned a total of US$6.374 billion in cash to shareholders in the 2021 fiscal year, of which US$3.008 billion was returned in the form of cash dividends, or approximately US$2.66 per share; and 3.366 billion was returned to shareholders through share repurchases. U.S. dollar cash, the total number of common shares repurchased is 24 million shares.
Performance Outlook:
Qualcomm expects revenue in the first quarter of fiscal year 2022 to reach between 10 billion and 10.8 billion US dollars, with an average of 10.4 billion US dollars, exceeding analysts’ previous expectations. According to data provided by the Yahoo Finance Channel, 22 analysts on average expect Qualcomm’s first-quarter revenue to reach $9.7 billion.
Divided by business sector, Qualcomm expects CDMA technology group revenue to reach US$8.4 billion to US$8.9 billion in the first quarter of fiscal year 2022, and it expects technology licensing group revenue to reach US$1.6 billion to US$1.8 billion.
Qualcomm also predicts that diluted earnings per share in the first fiscal quarter of 2022 will reach US$2.53 to US$2.73; excluding one-time items (not in accordance with US GAAP), Qualcomm expects adjusted earnings per share for the first fiscal quarter to reach 2.90 The US dollar to 3.10 US dollars, the average is 3.00 US dollars, exceeding analysts’ previous expectations. According to data provided by the Yahoo Finance Channel, 24 analysts on average expect Qualcomm’s first-quarter earnings per share to reach $2.6.
Stock price reaction:
On the same day, Qualcomm’s stock price rose by 3.25 US dollars in Nasdaq regular trading to close at 138.48 US dollars, an increase of 2.40%. In the subsequent after-hours trading up to 5:46 pm on Wednesday, US Eastern Time (5:46 am on Thursday, Beijing time), Qualcomm’s stock price rose again by US$9.63 to US$148.10, an increase of 6.95%. In the past 52 weeks, Qualcomm’s highest price was US$167.94 and the lowest price was US$122.17.