Qualcomm posted a strong fourth quarter as net income rose 84 percent, which is more than the company forecasted in September. Year-on-year revenue growth also enjoyed a 15 percent raise to $2.31 billion, up from $2 billion last year. Qualcomm reported Q4 earnings of $1.13 billion, or 67 cents a share, up from $614 million, or 36 cents a share during the same period last year. Legal fees during the entire fiscal year topped $200 million, thanks to lawsuits and patenting disputes with rivals Broadcom and Nokia, among others. During the company's quarterly conference call, Qualcomm CEO Steve Altman said no progress has been made with either Nokia or Broadcom over the disputes.
Despite the rosy picture for Qualcomm's most recent quarter, the company's stock has suffered from a less than bullish outlook for the year ahead. For the 2008 fiscal year Qualcomm expects earnings between $2.03 and $2.09, below analysts' expected forecast of $2.18. Qualcomm excluded royalty payments from Nokia when it put its estimate together.
For more on Qualcomm's financial outlook:
- read this press release