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Qualcomm Projects Q2 Adj. EPS To Decline 44% - 51% YoY

Qualcomm (QCOM) announced the company expects second-quarter non-GAAP EPS to be in a range of $0.65 - $0.75, a year-over-year change of 44% - 51% from $1.34. Revenues are projected to be in the range of $4.8 - $5.6 billion (decrease 4% - increase 12% from prior year). Qualcomm noted that its financial guidance for the second quarter of fiscal 2018 excludes QTL revenues for royalties due on the sale of Apple products by Apple's contract manufacturers, as well as the sale of products by the other licensee in dispute as the company expects the actions taken by these licensees will continue until the respective disputes are resolved. The company has not included estimates related to the operating results of the proposed acquisition of NXP in its second-quarter outlook.

For fiscal 2019, the company anticipates non-GAAP EPS in a range of $6.75 - $7.50 (Fiscal 2019 accretion from NXP anticipated at $1.50). Fiscal 2019 non-GAAP EPS, before impact of expected licensing resolutions, is projected at $5.25.

On January 16, 2018, Qualcomm announced a cost reduction plan. As part of the plan, the company will implement a series of targeted reductions to reduce annual costs by $1 billion. The company expects these cost reductions to be fully captured in fiscal 2019 results.

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