Qualcomm's Q3'14 Growth Supported By Strong Chipset Sales Offset By Lower Licensing Revenue

Backed by improving operational efficiency, Qualcomm witnessed a 40% annual and 10% sequential growth in its non-GAAP earnings per share ($1.44), which was a healthy $0.24 above the midpoint of the guidance range. Though it continues to make critical investments in its roadmap and supply chain initiatives, Qualcomm remains committed at exiting fiscal 2014 at an overall operating expense run rate lower than last year.