SAN DIEGO, Calif.-Qualcomm Inc.’s financial results for the second quarter of fiscal 2003 reflect improvements in revenues, income and earnings.
The company reported revenues of $1 billion, up 50 percent since last year’s second-quarter figures, which it said was due to increasing global demand for CDMA products. Net income was $103 million, a 135-percent increase from last year. And earnings were 13 cents per share, a 160-percent jump from a year ago.
Qualcomm also said it will exit its investment in Brazilian operator Vesper.
“We were disappointed by the Brazilian regulator’s denial of Vesper’s request to provide full mobility service, a request we believe was in accordance with previous regulation and one which would have greatly benefited subscribers in Brazil,” said Irwin Jacobs, Qualcomm’s chairman and chief executive officer. “As a result, we have initiated efforts to exit our Vesper investment and realize the maximum value possible from its assets.”