QUALCOMM Incorporated (QCOM) Up 10%

Shares of QUALCOMM Incorporated (QCOM) are up 10% in late trading today after the company came out with better than expected earnings.

Qualcomm Announces Fourth Quarter and Fiscal 2010 Results
Fiscal 2010 Revenues $11 Billion, EPS $1.96
Non-GAAP EPS $2.46

Qualcomm results are reported in accordance with generally accepted accounting principles (GAAP).

Fourth Quarter Fiscal 2010

• Revenues: $2.95 billion, up 10 percent year-over-year (y-o-y) and 9 percent sequentially.
• Operating income: $837 million, up 40 percent y-o-y and 6 percent sequentially.
• Net income: $865 million, up 8 percent y-o-y and 13 percent sequentially.
• Diluted earnings per share: $0.53, up 10 percent y-o-y and 13 percent sequentially.
• Effective tax rate: 17 percent.
• Operating cash flow: $1.09 billion, down 17 percent y-o-y; 37 percent of revenues

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