Qualcomm says it expects to grow revenues and profits in 2002 with global deployment of its second and third generation CDMA (code division multiple access) mobile phone technology.
Meantime, it struggles with a weak global economy.
The company reported pro forma net income of $174.4 million for its fiscal third quarter, compared to $218.1 million in third quarter 2000. Its net loss for the quarter was $275 million, including a pretax charge of $241 million related to Brazilian investments and $185 million in income taxes. Revenues were $640 million compared to $714 million a year ago.
Qualcomm said the drop in revenues was due to a weaker global economy, lower license fees, lower unit shipments of some integrated circuits and OmniTRACS messaging units. Those decreases were partially offset by higher royalties, higher Cell Station Modem Modem infrastructure integrated circuit revenues and higher OmniTRACS messaging revenues.
Earlier this week, Qualcomm announced a business realignment and management shake-up, replacing Chief Operating Officer Richard Sulpizio.