Revenues increased primarily due to record demand for CDMA products across global markets. GAAP reported net income was $241 million or 30 cents per share in the first fiscal quarter, up 30% sequentially and 76% year-over-year.

Revenues excluding the Qualcomm Strategic Initiatives (QSI) segment were $1.1 billion in the first fiscal quarter, up 27% sequentially and 54% year-over-year. Net income excluding the QSI segment was $345 million or 42 cents per share in the first fiscal quarter, up 35% sequentially and 83% year-over-year.

The company anticipates that revenues excluding the QSI segment in the second fiscal quarter will increase by approximately 50% year-over-year and decrease sequentially by approximately 7%. It anticipates that earnings per share excluding the QSI segment will be approximately 34 to 35 cents in the second fiscal quarter, a 75% increase year-over-year.