QUALCOMM, Inc. has announced results for the first fiscal quarter of 2008, which ended Dec. 30, 2007. According to the company, revenue was $2.44 billionup 21 percent year over year and 6 percent sequentially. Net income was $767 millionup 18 percent year over year and down 32 percent sequentially. The sequential decrease in net income and diluted earnings per share for total QUALCOMM (GAAP) is due to a $331 million tax benefit recorded in the fourth fiscal quarter of 2007, which was a result of completing audits of prior years' tax returns. Diluted earnings per share was $0.46up 21 percent year over year and down 31 percent sequentially.
The estimated share-based compensation was $85 million net of taxdown 2 percent year over year and up 9 percent sequentially. The company's operating cash flow was $880 millionup 12 percent year-over-year. For return of capital to stockholders in the quarter, the dividends announced totaled $228 million or $0.14 per share. QUALCOMM's cash, cash equivalents, and marketable securities totaled approximately $11.3 billion at the end of the first quarter of fiscal 2008 compared to $11.8 billion at the end of the fourth quarter of fiscal 2007 and $10.5 billion a year ago.
As of Dec. 30, 2007, $670 million remained authorized for repurchases under the stock repurchase program net of a put option outstanding that could require the company to repurchase 2.5 million shares of its common stock for approximately $94 million. Since Dec. 30, 2007, QUALCOMM has repurchased and retired more than 17.7 million shares of its common stock for approximately $668 million. On Jan. 16, the company announced a cash dividend of $0.14 per share payable on March 28 to stockholders of record at the close of business on Feb. 29.
Pro-forma R&D expenses increased 18 percent year over yearprimarily due to additional engineering resources for the development of integrated-circuit products, next-generation CDMA and OFDMA technologies, the expansion of the company's intellectual-property portfolio, and other initiatives to support the acceleration of advanced wireless products and services. Such initiatives include lower-cost devices; the integration of wireless with consumer electronics and computing; the convergence of multiband, multimode, multinetwork products, and technologies; third-party operating systems; and services platforms.