Qualcomm Reports A Strong Q1'15 But Lowers Guidance For Fiscal 2015

At $7.1 billion and $1.34, revenue and non-GAAP earnings per share for the quarter were up 7% and 6% year on year, respectively. QCT (Qualcomm CDMA Technologies) accounted for approximately half of the upside on account of strong MSM demand and lower operating expenses, with the balance coming from improved total reported device sales, lower operating expenses in QTL (Qualcomm Technology Licensing), and other businesses, as well as the restatement of the R&D tax credit.