Qualcomm Inc. reported revenues for its first fiscal quarter for 2001 were $684 million, compared with $764 million for the same period last year.
Earnings per share were 29 cents a share for the first quarter, compared with 27 cents a share for last year's first quarter.Consensus earnings estimates were 28 cents a share for the first quarter.
The company also said in a statement that "given current uncertainties in the financial markets, the company is evaluating the need for and timing of an IPO [for its chip business, Spinco].
``Our technology licensing and semiconductor businesses are benefiting from strong demand for CDMA technology and products. We anticipate further growth domestically and internationally during fiscal 2001 with increasing focus on third-generation CDMA deployment,'' said Irwin M. Jacobs, chairman and chief executive for Qualcomm. ``Our satellite businesses, however, have been impacted by economic and capital market conditions, and by Globalstar's recent decision to suspend payments on its funded debt and to study its options including restructuring."