Exhibit 99.1

Qualcomm Contact:
Mauricio Lopez-Hodoyan
Vice President, Investor Relations
Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com

Qualcomm Announces Second Quarter Fiscal 2023 Results
Revenues: $9.3 billion
GAAP EPS: $1.52, Non-GAAP EPS: $2.15
—QCT Automotive: 20% Year-Over-Year Growth in Revenues—
—Increased Quarterly Cash Dividend by 7% to $3.20 Annualized Payout—
SAN DIEGO - May 3, 2023 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal second quarter ended March 26, 2023.
“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “Our top priority remains to execute our diversification strategy and invest in areas that drive long-term value.”
Second Quarter Results1

(in millions, except per share data and percentages)Q2 Fiscal 2023Q2 Fiscal 2022ChangeQ2 Fiscal 2023Q2 Fiscal 2022Change
Earnings before taxes (EBT)$1,895$3,423(45%)$2,857$4,255(33%)
Net income$1,704$2,934(42%)$2,420$3,661(34%)
Diluted earnings per share (EPS)$1.52$2.57(41%)$2.15$3.21(33%)
(1) Discussion regarding our use of Non-GAAP financial measures and reconciliations between GAAP and Non-GAAP results are included at the end of this news release in the sections labeled “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP Results to Non-GAAP Results.”
Segment Results
(in millions, except percentages)Q2 Fiscal 2023Q2 Fiscal 2022ChangeQ2 Fiscal 2023Q2 Fiscal 2022Change
EBT as % of revenues27%35%-8 points68%73%-5 points

Qualcomm Announces Second Quarter Fiscal 2023 Results
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QCT Revenue Streams1, 2
(in millions, except percentages)Q2 Fiscal 2023Q2 Fiscal 2022Change
Total QCT revenues$7,942$9,548(17%)
(1) We disaggregate QCT revenues based on the industries and applications in which our products are sold.
(2) Beginning in the first quarter of fiscal 2023, QCT RFFE (radio frequency front-end) revenues, which were previously presented as a separate revenue stream, are now included within our Handsets, Automotive and internet of things (IoT) revenue streams as applicable. Prior period information has been recast to reflect this change.
Return of Capital to Stockholders
During the second quarter of fiscal 2023, we returned $1.7 billion to stockholders, including $834 million, or $0.75 per share, of cash dividends paid and $903 million through repurchases of 7 million shares of common stock.

Business Outlook
The following statements are forward looking, and actual results may differ materially. The “Note Regarding Forward-Looking Statements” in this news release provides a description of certain risks that we face, and our most recent quarterly report on file with the Securities and Exchange Commission (SEC) provides a more complete description of our risks.
The midpoint of our third quarter fiscal 2023 guidance includes the continued impact of the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown. In addition, we estimate a larger-than-normal sequential decline in QCT revenues, primarily due to the timing of purchases by a modem-only handset customer.
The following table summarizes GAAP and Non-GAAP guidance based on the current outlook.
Current Guidance
Q3 FY23 Estimates1
Revenues$8.1B - $8.9B
Supplemental Revenue Information
QCT revenues$6.9B - $7.5B
QTL revenues$1.15B - $1.35B
GAAP diluted EPS$1.24 - $1.44
Less diluted EPS attributable to QSI$— 
Less diluted EPS attributable to share-based compensation($0.45)
Less diluted EPS attributable to other items2
Non-GAAP diluted EPS$1.70 - $1.90
(1) Our outlook does not include provisions for proposed tax law changes, future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as certain investments, derivative and foreign currency transaction gains or losses, cannot be accurately forecast (including the impact of the anticipated sale of the Non-Arriver businesses). Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain. Our outlook includes the impact of any pending business combinations to the extent they are expected to close in the upcoming quarter. Actual results may differ materially from the outlook.
(2) Our guidance for diluted EPS attributable to other items for the third quarter of fiscal 2023 is primarily related to acquisition-related items, including the
discontinued operations of the Non-Arriver businesses, partially offset by the tax benefit resulting from the requirement to capitalize research and development (R&D) expenditures under U.S. Federal income tax law.

Qualcomm Announces Second Quarter Fiscal 2023 Results
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Conference Call
Qualcomm’s second quarter fiscal 2023 earnings conference call will be broadcast live on May 3, 2023, beginning at 1:45 p.m. Pacific Time (PT) at http://investor.qualcomm.com/events.cfm. This conference call will include a discussion of “Non-GAAP financial measures” as defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these Non-GAAP financial measures to our financial results prepared in accordance with GAAP, as well as other financial and statistical information to be discussed on the conference call, will be posted at http://investor.qualcomm.com/ immediately prior to the commencement of the call. An audio replay will be available at http://investor.qualcomm.com/events.cfm and via telephone following the live call for 30 days thereafter. To listen to the replay via telephone, U.S. callers may dial (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use reservation number 13737571.

About Qualcomm
Qualcomm is enabling a world where everyone and everything can be intelligently connected. Our one technology roadmap allows us to efficiently scale the technologies that launched the mobile revolution – including advanced connectivity, high-performance, low-power compute, on-device intelligence and more – to the next generation of connected smart devices across industries. Innovations from Qualcomm and our family of Snapdragon platforms will help enable cloud-edge convergence, transform industries, accelerate the digital economy, and revolutionize how we experience the world, for the greater good.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patented technologies are licensed by Qualcomm Incorporated.

Note Regarding Forward-Looking Statements
In addition to the historical information contained herein, this news release contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: the macroeconomic environment; our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies; our diversification strategy and investments in areas that drive long-term value; our business outlook, including our outlook for global handset units, inventory drawdown and the timing of purchases by a modem-only handset customer; and our estimates and guidance related to revenues and earnings per share (EPS). Forward-looking statements are generally identified by words such as “estimates,” “guidance,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks” and similar expressions. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier devices; our customers vertically integrating; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets; our strategic acquisitions, transactions and investments, and our ability to consummate strategic acquisitions; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; our ability to attract and retain qualified employees, and recent changes to our hybrid work model; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; our customers’ and licensees’ sales of products and services based on CDMA, OFDMA and other communications technologies, including 5G, and our customers’ demand for our products based on these technologies; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; impacts of the COVID-19 pandemic, or any similar health crisis that may arise in the future, and government policies and other measures adopted in response thereto; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; our ability to comply with laws, regulations, policies and standards; our indebtedness; and potential tax liabilities. These and other risks are set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 26, 2023 filed with the SEC. Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

Qualcomm Announces Second Quarter Fiscal 2023 Results
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QUALCOMM Incorporated
(In millions, except par value amounts)
March 26,
September 25,
Current assets:  
Cash and cash equivalents$3,488 $2,773 
Marketable securities3,188 3,609 
Accounts receivable, net3,691 5,643 
Inventories6,858 6,341 
Held for sale assets816 733 
Other current assets1,032 1,625 
Total current assets19,073 20,724 
Deferred tax assets2,477 1,803 
Property, plant and equipment, net5,281 5,168 
Goodwill10,579 10,508 
Other intangible assets, net1,727 1,882 
Held for sale assets1,251 1,200 
Other assets7,974 7,729 
Total assets$48,362 $49,014 
Current liabilities:  
Trade accounts payable$1,430 $3,796 
Payroll and other benefits related liabilities1,227 1,486 
Unearned revenues277 369 
Short-term debt499 1,945 
Held for sale liabilities648 581 
Other current liabilities3,785 3,689 
Total current liabilities7,866 11,866 
Unearned revenues104 144 
Income taxes payable1,084 1,472 
Long-term debt15,486 13,537 
Held for sale liabilities116 119 
Other liabilities4,008 3,863 
Total liabilities28,664 31,001 
Stockholders’ equity:  
Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding— — 
Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,114 and 1,121 shares issued and outstanding, respectively— 195 
Retained earnings19,280 17,840 
Accumulated other comprehensive income (loss)418 (22)
Total stockholders’ equity19,698 18,013 
Total liabilities and stockholders’ equity$48,362 $49,014 

Qualcomm Announces Second Quarter Fiscal 2023 Results
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QUALCOMM Incorporated
(In millions, except per share data)
 Three Months EndedSix Months Ended
March 26,
March 27,
March 26,
March 27,
Equipment and services$7,846 $9,417 $15,630 $18,098 
Licensing1,429 1,747 3,108 3,770 
Total revenues9,275 11,164 18,738 21,868 
Costs and expenses:  
Cost of revenues4,153 4,648 8,197 8,951 
Research and development2,210 2,034 4,461 3,963 
Selling, general and administrative614 624 1,238 1,232 
Other 208 — 288 — 
Total costs and expenses7,185 7,306 14,184 14,146 
Operating income2,090 3,858 4,554 7,722 
Interest expense(179)(137)(348)(275)
Investment and other (expense) income, net(16)(298)60 (158)
Income from continuing operations before income taxes1,895 3,423 4,266 7,289 
Income tax expense(193)(489)(291)(956)
Income from continuing operations1,702 2,934 3,975 6,333 
Discontinued operations, net of income taxes— (36)— 
Net income$1,704 $2,934 $3,939 $6,333 
Basic earnings (loss) per share:
Continuing operations$1.53 $2.61 $3.55 $5.63 
Discontinued operations— — (0.03)— 
Net income$1.53 $2.61 $3.52 $5.63 
Diluted earnings (loss) per share:
Continuing operations$1.52 $2.57 $3.52 $5.55 
Discontinued operations— — (0.03)— 
Net income$1.52 $2.57 $3.49 $5.55 
Shares used in per share calculations:  
Basic1,116 1,125 1,119 1,124 
Diluted1,123 1,140 1,127 1,141 

Qualcomm Announces Second Quarter Fiscal 2023 Results
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QUALCOMM Incorporated
(In millions)
Three Months EndedSix Months Ended
March 26,
March 27,
March 26,
March 27,
Operating Activities:
Net income from continuing operations$1,702 $2,934 $3,975 $6,333 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization expense470 428 868 834 
Income tax provision less than income tax payments(511)(675)(631)(403)
Share-based compensation expense628 497 1,262 994 
Net (gains) losses on marketable securities and other investments(20)316 (45)213 
Impairment losses on other investments87 20 101 21 
Other items, net63 (30)16 (56)
Changes in assets and liabilities:  
Accounts receivable, net270 (47)1,964 (501)
Inventories80 (699)(396)(1,337)
Other assets206 (308)615 (1,812)
Trade accounts payable(1,094)198 (2,358)979 
Payroll, benefits and other liabilities(386)125 (672)(371)
Unearned revenues(5)(61)(86)(139)
Net cash used by operating activities from discontinued operations(33)— (61)— 
Net cash provided by operating activities1,457 2,698 4,552 4,755 
Investing Activities:  
Capital expenditures(453)(491)(851)(1,074)
Purchases of debt and equity marketable securities— (419)(22)(936)
Proceeds from sales and maturities of debt and equity marketable securities272 430 491 1,563 
Acquisitions and other investments, net of cash acquired(32)(50)(61)(288)
Proceeds from sales of property, plant and equipment10 — 121 — 
Proceeds from other investments11 97 
Other items, net(5)— (4)— 
Net cash used by investing activities from discontinued operations(23)— (42)— 
Net cash used by investing activities(224)(526)(357)(638)
Financing Activities:
Proceeds from short-term debt3,210 752 4,668 1,462 
Repayment of short-term debt(2,713)(752)(4,668)(1,462)
Proceeds from long-term debt— — 1,880 — 
Repayment of long-term debt(1,446)— (1,446)— 
Proceeds from issuance of common stock194 186 232 187 
Repurchases and retirements of common stock(903)(951)(2,173)(2,129)
Dividends paid(834)(764)(1,676)(1,529)
Payments of tax withholdings related to vesting of share-based awards(23)(62)(332)(562)
Other items, net(28)(7)(43)(11)
Net cash used by financing activities(2,543)(1,598)(3,558)(4,044)
Effect of exchange rate changes on cash and cash equivalents19 (8)46 (16)
Net increase in total cash and cash equivalents(1,291)566 683 57 
Total cash and cash equivalents at beginning of period (including $265 and $326 million classified as held for sale at December 25, 2022 and September 25, 2022, respectively)5,073 6,607 3,099 7,116 
Total cash and cash equivalents at end of period (including $294 million classified as held for sale at March 26, 2023)$3,782 $7,173 $3,782 $7,173 

Qualcomm Announces Second Quarter Fiscal 2023 Results
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Note Regarding Use of Non-GAAP Financial Measures
The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented herein.
We use Non-GAAP financial information: (i) to evaluate, assess and benchmark our operating results on a consistent and comparable basis; (ii) to measure the performance and efficiency of our ongoing core operating businesses, including our QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing) segments; and (iii) to compare the performance and efficiency of these segments against competitors. Non-GAAP measurements used by us include revenues, cost of revenues, research and development (R&D) expenses, selling, general and administrative (SG&A) expenses, other income or expenses, operating income, interest expense, net investment and other income, income or earnings before income taxes, effective tax rate, net income and diluted earnings per share. We are able to assess what we believe is a meaningful and comparable set of financial performance measures by using Non-GAAP information. In addition, the HR and Compensation Committee of our Board of Directors uses certain Non-GAAP financial measures in establishing portions of the performance-based incentive compensation programs for our executive officers. We present Non-GAAP financial information to provide greater transparency to investors with respect to our use of such information in financial and operational decision-making. This Non-GAAP financial information is also used by institutional investors and analysts in evaluating our business and assessing trends and future expectations.
Non-GAAP information presented herein excludes our QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items, tax items and other items.
QSI is excluded because we generally expect to exit our strategic investments in the foreseeable future, and the effects of fluctuations in the value of such investments and realized gains or losses are viewed as unrelated to our operational performance.
Share-based compensation expense primarily relates to restricted stock units. We believe that excluding share-based compensation from Non-GAAP financial information allows us and investors to make additional comparisons of the operating activities of our ongoing core businesses over time and with respect to other companies.
Certain other items are excluded because we view such items as unrelated to the operating activities of our ongoing core businesses, as follows:
Acquisition-related items include amortization of acquisition-related intangible assets, substantially all of which relate to the amortization of technology-based intangible assets that is recorded in cost of revenues and will recur in future periods until the related intangible assets have been fully amortized. We view acquisition-related intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. Acquisition-related intangible assets contribute to revenue generation that has not been excluded from our Non-GAAP financial information. Acquisition-related items also include recognition of the step-up of inventories and property, plant and equipment to fair value and the related tax effects of acquisition-related items, as well as any effects from restructuring the ownership of such acquired assets. We also exclude the operating results of acquired and/or consolidated businesses that, as of close, are expected or required to be sold. Additionally, we exclude certain other acquisition-related charges such as third-party acquisition and integration services costs and costs related to temporary debt facilities and letters of credit executed prior to the close of an acquisition.
We exclude certain other items that we view as unrelated to our ongoing businesses, such as major restructuring and restructuring-related costs, asset impairments and awards, settlements and/or damages arising from legal or regulatory matters. We exclude gains and losses driven by the revaluation of our deferred compensation plan liabilities recognized in operating expenses and the offsetting gains and losses on the related plan assets recognized in investment and other income (expense).
Certain tax items that are unrelated to the fiscal year in which they are recorded are excluded in order to provide a clearer understanding of our ongoing Non-GAAP tax rate and after-tax earnings. Beginning in the first quarter of fiscal 2023 and for the initial five-year period in which we are required to capitalize and amortize R&D expenditures for U.S. federal income tax purposes, we also exclude the favorable impact to our provision for income taxes and results of operations resulting from such change in treatment of R&D expenditures. The favorable tax provision impact will diminish in future years as capitalized research and development expenditures continue to amortize.

Qualcomm Announces Second Quarter Fiscal 2023 Results
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Reconciliations of GAAP Results to Non-GAAP Results
(in millions, except per share data and percentages)GAAP to Non-GAAP ReconciliationNon-GAAP Supplemental Information
GAAP ResultsLess QSILess Share-Based Compensation
Less Other Items1
Non-GAAP Reconciling Items2
Q2 Fiscal 2023
Revenues$9,275$7$— $— $9,268$7,942$1,290$36
Operating income (loss)2,090— (629)(275)2,994
EBT as % of revenues20 %31 %
Net income (loss)1,704(42)(515)(159)2,420
Diluted EPS$1.52($0.04)($0.46)($0.14)$2.15
Diluted shares1,1231,1231,1231,1231,123
Q2 Fiscal 2022
Revenues$11,164$6$— $— $11,158$9,548$1,580$30
Operating income (loss)3,858(2)(497)(17)4,374
EBT as % of revenues31 %38 %
Net income (loss)2,934(212)(404)(111)3,661
Diluted EPS$2.57($0.19)($0.35)($0.10)$3.21
Diluted shares1,1401,1401,1401,1401,140
(1) Further details of amounts included in the “Other Items” column for the current period are included at the end of this news release in the sections labeled “Supplemental Information and Reconciliations.” Details of amounts included in the “Other Items” column for the prior periods are included in the news release for those periods.
(2) Non-GAAP reconciling items related to revenues consisted primarily of nonreportable segment revenues less intersegment eliminations. Non-GAAP reconciling items related to EBT consisted primarily of certain R&D expenses, SG&A expenses, other expenses or income, interest expense and certain investment income (expense) that are not allocated to segments for management reporting purposes; nonreportable segment results; and the elimination of intersegment profit.
Sums may not equal totals due to rounding.

Q2 Fiscal 2023 Supplemental Information and Reconciliations
($ in millions)GAAP ResultsLess QSILess Share-Based Compensation
Less Other Items1, 2
Non-GAAP Results
Cost of revenues$4,153$3$19$29$4,102
Research and development expenses2,210— 481191,710
Selling, general and administrative expenses614412919462
Other208 — — 208 — 
Interest expense179— — 1178
Investment and other (expense) income, net(16)(53)— (4)41
Income tax expense (benefit)193(11)(114)(119)437
Discontinued operations, net of income taxes2 — — — 
(1) Other items excluded from Non-GAAP results included $212 million of restructuring and restructuring-related charges, $41 million of acquisition-related charges, a $25 million impairment loss on investments, and $1 million of interest expense related to the fine imposed on us by the European Commission in 2019. Other items excluded from Non-GAAP results also included $22 million of losses driven by the revaluation of our deferred compensation plan liabilities, which increased operating expenses, offset by corresponding $21 million of gains driven by the revaluation of the associated plan assets, which were included within investment and other (expense) income, net, as well as $2 million of income, net of income taxes, from the discontinued operations of the Non-Arriver businesses.
(2) At fiscal year end, the quarterly tax provision for each column equals the annual tax provision (benefit) for each column computed in accordance with GAAP. In interim quarters, the sum of these provisions (benefits) may not equal the total GAAP tax provision, and this difference is included in the tax provision (benefit) in the “Other Items” column. Tax benefit in the “Other Items” column included a $106 million benefit from the foreign-derived intangible income (FDII) deduction resulting from the requirement to capitalize and amortize R&D expenditures, a $23 million benefit from the combined effect of other items in EBT, a $3 million benefit for the tax effect of acquisition-related charges and a $3 million benefit to reconcile the tax provision of each column to the total GAAP tax provision for the quarter, partially offset by a $16 million foreign currency loss related to a noncurrent receivable resulting from our refund claim of Korean withholding taxes paid in prior periods.
Sums may not equal totals due to rounding.