EXHIBIT 99.1

FOR IMMEDIATE RELEASE

QUALCOMM Contact:
John Gilbert
Vice President of Investor and Industry Analyst Relations
1-(858) 658-4813 (ph) 1-(858) 651-9303 (fax)
e-mail: ir@qualcomm.com

QUALCOMM Announces Record Second Quarter Fiscal 2007 Results
Revenues $2.22 Billion, Diluted EPS $0.43
Pro Forma Revenues $2.22 Billion, Diluted EPS $0.50

Financial Guidance Increased for Fiscal 2007

SAN DIEGO – April 25, 2007 – QUALCOMM Incorporated (NASDAQ: QCOM) today announced record results for the second quarter of fiscal 2007 ended April 1, 2007.

Total QUALCOMM (GAAP) Second Quarter Results

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

	•		Revenues: $2.22 billion, up 21 percent year-over-year and 10 percent sequentially.
	•		Net income: $726 million, up 22 percent year-over-year and 12 percent sequentially.
	•		Diluted earnings per share: $0.43, up 26 percent year-over-year and 13 percent sequentially.
	•		Effective tax rate: 22 percent for the quarter. Fiscal 2007 estimated tax rate of approximately 21 percent.
	•		Estimated share-based compensation: $84 million, net of tax, up 8 percent year-over-year and down 3 percent sequentially.
	•		Operating cash flow: $991 million, up 11 percent year-over-year; 45 percent of revenues.
	•		Return of capital to stockholders: $438 million, including $398 million, or $0.24 per share, of cash dividends paid (relating to dividends declared in the first and second quarters) and $40 million to repurchase 1.0 million shares of our common stock.

QUALCOMM Pro Forma Second Quarter Results

Pro forma results exclude the QUALCOMM Strategic Initiatives (QSI) segment, certain estimated share-based compensation, certain tax adjustments related to prior years and acquired in-process research and development (R&D) expense.

	•		Revenues: $2.22 billion, up 21 percent year-over-year and 10 percent sequentially.
	•		Net income: $838 million, up 19 percent year-over-year and 16 percent sequentially.

	•		Diluted earnings per share: $0.50, up 22 percent year-over-year and 16 percent sequentially; excludes $0.01 loss per share attributable to the QSI segment, $0.05 loss per share attributable to estimated share-based compensation and $0.01 loss per share attributable to acquired in-process R&D.
	•		Effective tax rate: 24 percent for the quarter and estimated for fiscal 2007.
	•		Free cash flow: $1.09 billion, up 15 percent year-over-year; 49 percent of revenues. (Defined as net cash from operating activities less capital expenditures).

Detailed reconciliations between total QUALCOMM (GAAP) results and QUALCOMM pro forma results, and cash flow are included at the end of this news release. Prior period reconciliations are presented on our Investor Relations web page at www.qualcomm.com.

“We are pleased to report that the 3G CDMA-based market continues to grow at a rapid pace. Our results reflect strong year-over-year growth in CDMA2000® and WCDMA chipsets and handsets driving record revenue and earnings per share,” said Dr. Paul E. Jacobs, chief executive officer of QUALCOMM. “Based on our current outlook, thanks primarily to stronger than expected chipset demand across our product portfolio and higher CDMA2000 handset shipments, we are raising our fiscal 2007 revenue and earnings per share guidance.”

“Focused execution by QUALCOMM and its partners resulted in many exciting achievements this quarter. The MediaFLO™ USA service was commercially launched by Verizon Wireless and AT&T/Cingular announced their plan to launch services later this year. The GSM Association selected LG’s phone, powered by a QUALCOMM chipset, as the ‘3G for All’ winner to enable feature rich WCDMA handsets at lower prices. In addition, we announced the expansion of our single chip product line to include EV-DO Rev. A, providing a low cost mobile broadband solution. The innovation and competition enabled by our business model continues to provide manufacturers, operators and subscribers compelling devices, applications and services globally.”

Cash and Marketable Securities

QUALCOMM’s cash, cash equivalents and marketable securities totaled approximately $11.3 billion at the end of the second quarter of fiscal 2007, compared to $10.5 billion at the end of the first quarter of fiscal 2007 and $10.2 billion a year ago. During the second quarter of fiscal 2007, we

announced a 17 percent increase in our quarterly dividend from $0.12 to $0.14 per share. A cash dividend of $0.14 per share is payable on June 29, 2007 to stockholders of record at the close of business on June 1, 2007.

Estimated Share-Based Compensation

Total QUALCOMM (GAAP) net income for the second quarter of fiscal 2007 included estimated share-based compensation, net of tax, of $84 million, or $0.05 per share, compared to $78 million, or $0.05 per share in the prior year quarter.

Research and Development

						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
($ in millions)		Pro Forma				Compensation				R&D				QSI				(GAAP)
Second quarter fiscal 2007		$	370			$	58			$	10			$	16			$	454
As a % of revenue			17	%															20	%
Second quarter fiscal 2006		$	302			$	52			$	21			$	15			$	390
As a % of revenue			16	%															21	%
Year-over-year change ($)			23	%			12	%			(52	%)			7	%			16	%

Pro forma R&D expenses increased 23 percent year-over-year, primarily due to additional engineering resources for the development of integrated circuit products and other initiatives to support low-cost phones, multimedia applications, high-speed wireless Internet access and multi-mode, multi-band, multi-network products and technologies. QSI R&D expenses are primarily related to MediaFLO USA.

Selling, General and Administrative

						Estimated								Total
		QUALCOMM				Share-Based								QUALCOMM
($ in millions)		Pro Forma				Compensation				QSI				(GAAP)
Second quarter fiscal 2007		$	301			$	59			$	25			$	385
As a % of revenue			14	%											17	%
Second quarter fiscal 2006		$	188			$	58			$	17			$	263
As a % of revenue			10	%											14	%
Year-over-year change ($)			60	%			2	%			47	%			46	%

Pro forma selling, general and administrative (SG&A) expenses increased 60 percent year-over-year, largely attributable to increases in legal fees, employee related expenses and bad debt expense. The year-over-year increase in QSI SG&A expenses is primarily related to MediaFLO USA.

Effective Income Tax Rate

Our fiscal 2007 effective income tax rate is estimated to be 21 percent for total QUALCOMM (GAAP), consistent with our prior estimate. The second quarter tax rate of 22 percent for total QUALCOMM (GAAP) is higher than the estimated annual effective income tax rate due primarily to $33 million of tax benefits recorded in the first quarter of fiscal 2007 related to the retroactive extension of the federal research and development tax credit. Our fiscal 2007 QUALCOMM pro forma effective income tax rate is estimated to be 24 percent, compared to our previous estimate of 25 percent. This decrease in our pro forma estimated annual rate is primarily due to an increase in forecasted earnings taxed at less than the United States federal tax rate.

QUALCOMM Strategic Initiatives

The QSI segment includes our strategic investments, including our MediaFLO USA subsidiary, and related income and expenses. Total QUALCOMM (GAAP) results for the second quarter of fiscal 2007 include $0.01 loss per share for the QSI segment. The second quarter of fiscal 2007 QSI results included $50 million in operating expenses, primarily related to MediaFLO USA.

Business Outlook

The following statements are forward-looking and actual results may differ materially. Please see “Note Regarding Forward-Looking Statements” at the end of this news release for a description of certain risk factors and QUALCOMM’s annual and quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of risks. Due to their nature, certain income and expense items, such as realized investment gains or losses in QSI, gains and losses on certain derivative instruments or asset impairments, cannot be accurately forecast. Accordingly, the Company excludes forecasts of such items from its business outlook, and actual results may vary materially from the business outlook if the Company incurs any such income or expense items. Estimated share-based compensation in future periods may vary materially from the business outlook as the methodology used to calculate this estimate is dependent on a variety of assumptions which are subject to market fluctuations and other factors.

The following table summarizes total QUALCOMM (GAAP) and QUALCOMM pro forma guidance for the third fiscal quarter and fiscal year 2007 based on the current business outlook. The pro forma business outlook provided below is presented consistent with the presentation of pro forma results provided elsewhere herein.

Our third quarter and fiscal 2007 guidance includes the anticipated positive impact to QTL revenue resulting from an arbitration decision in April 2007 in our favor against Ericsson and Sony Ericsson for underpaying royalties to us under the terms of the license agreement with us. Under the arbitration order, we will receive $30 million for subscriber unit sales from 2004 through the first quarter of calendar 2006. In addition, royalty payments from the first quarter of calendar 2006 to the present, and going forward, will be made in accordance with the arbitrators’ decision providing a positive impact on revenues and earnings.

We are engaged in multiple disputes with Nokia Corp. including litigation over Nokia’s obligation to pay royalties for the use of certain of our patents. As a result, under generally accepted accounting principles, we do not expect to be able to record royalty revenue attributable to Nokia’s sales starting in the fourth quarter of fiscal 2007 until an arbitrator (or court) awards damages or the disputes are otherwise resolved by agreement with Nokia. We had previously estimated the potential impact of non-payment of royalties from Nokia in the fourth quarter of fiscal 2007 for June quarter shipments to be approximately $0.04 to $0.06 diluted earnings per share. Our current estimate of royalties which we believe will be owed from Nokia in the fourth quarter of fiscal 2007 for June quarter shipments is approximately $0.04 to $0.05 diluted earnings per share, which we have excluded from our current fiscal 2007 guidance.

The following estimates are approximations and are based on the current business outlook:

Business Outlook Summary

THIRD FISCAL QUARTER

				Current Guidance
		Q3’06		Q3’07
		Results		Estimates
QUALCOMM Pro Forma
Revenues		$1.95B		$2.2B-$2.3B
Year-over-year change				increase 13% - 18%
Diluted earnings per share (EPS)		$ 0.42		$0.50-$0.52
Year-over-year change				increase 19% - 24%
Total QUALCOMM (GAAP)
Revenues		$1.95B		$2.2B-$2.3B
Year-over-year change				increase 13% - 18%
Diluted earnings per share (EPS)		$ 0.37		$0.43-$0.45
Year-over-year change				increase 16% - 22%
Diluted EPS attributable to QSI		$ 0.00		($0.02)
Diluted EPS attributable to estimated share-based compensation		($0.05)		($0.05)
Metrics
MSM Shipments		approx. 55M		approx. 62M - 65M
CDMA/WCDMA handset units shipped		approx. 66M*		approx. 81M - 85M*
CDMA/WCDMA handset unit wholesale average selling price		approx. $213*		approx. $213*

FISCAL YEAR

				Prior Guidance		Current Guidance
		FY 2006		FY 2007		FY 2007
		Results		Estimates (1)		Estimates (2)
QUALCOMM Pro Forma
Revenues		$7.53B		$8.1B-$8.6B		$8.4B-$8.7B
Year-over-year change				increase 8% - 14%		increase 12% - 16%
Diluted earnings per share (EPS)		$ 1.64		$1.72-$1.77		$1.84-$1.88
Year-over-year change				increase 5% - 8%		increase 12% - 15%
Total QUALCOMM (GAAP)
Revenues		$7.53B		$8.1B-$8.6B		$8.4B-$8.7B
Year-over-year change				increase 8% - 14%		increase 12% - 16%
Diluted earnings per share (EPS)		$ 1.44		$1.44-$1.49		$1.57-$1.61
Year-over-year change				even - increase 3%		increase 9% - 12%
Diluted EPS attributable to in-process R&D		($0.01)		n/a		($0.01)
Diluted EPS attributable to QSI		($0.02)		($0.10)		($0.09)
Diluted EPS attributable to estimated share-based compensation		($0.19)		($0.20)		($0.20)
Diluted EPS attributable to tax items related to prior years		$ 0.02		$ 0.02		$ 0.02
Metrics
Fiscal year* CDMA/WCDMA handset unit wholesale average selling price		approx. $215		approx. $210		approx. $208

CALENDAR YEAR Handset Estimates

Prior Guidance

Current Guidance

Calendar 2007

Calendar 2007

CDMA/WCDMA handset unit shipments

Calendar 2006

Estimates

Estimates

March quarter

approx. 66M

not provided

approx. 81M - 85M

June quarter

approx. 70M

not provided

not provided

September quarter

approx. 76M

not provided

not provided

December quarter

approx. 91M

not provided

not provided

Calendar year range (approx.)

301M

368M - 388M

373M - 393M

Midpoint

Midpoint

Midpoint

CDMA/WCDMA units

approx. 301M

approx. 378M

approx. 383M

CDMA units

approx. 200M

approx. 203M

approx. 208M

WCDMA units

approx. 101M

approx. 175M

approx. 175M

Sums may not equal totals due to rounding.

Results of Business Segments

The following tables, which present segment information, have been adjusted to reflect the 2007 segment presentation (Note 1) (in millions, except per share data):

Second Quarter — Fiscal Year 2007

																						Estimated												Total
														Reconciling				QUALCOMM Pro				Share-Based				In-process								QUALCOMM
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				R&D				QSI (4)				(GAAP)
Revenues		$	1,259			$	759			$	198			$	5			$	2,221			$	—			$	—			$	—			$	2,221
Change from prior year			24	%			19	%			11	%			N/M				21	%															21	%
Change from prior quarter			2	%			27	%			5	%			N/M				10	%															10	%
EBT		$	368			$	636			$	20			$	82			$	1,106			$	(126	)		$	(10	)		$	(42	)		$	928
Change from prior year			26	%			8	%			25	%			N/M				15	%			5	%			(52	%)			17	%			18	%
Change from prior quarter			16	%			28	%			0	%			N/M				16	%			(3	%)			N/M				(2	%)			19	%
Net income (loss)																		$	838			$	(83	)		$	(9	)		$	(20	)		$	726
Change from prior year																			19	%			6	%			(57	%)			43	%			22	%
Change from prior quarter																			16	%			(3	%)			N/M				(5	%)			12	%
Diluted EPS																		$	0.50			$	(0.05	)		$	(0.01	)		$	(0.01	)		$	0.43
Change from prior year																			22	%			0	%			0	%			0	%			26	%
Change from prior quarter																			16	%			0	%			N/M				0	%			13	%
Diluted shares used																			1,693				1,693				1,693				1,693				1,693

First Quarter — Fiscal Year 2007

																						Estimated												Total
														Reconciling				QUALCOMM Pro				Share-Based												QUALCOMM
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				Tax Items (5)				QSI (4)				(GAAP)
Revenues		$	1,230			$	600			$	188			$	1			$	2,019			$	—			$	—			$	—			$	2,019
EBT			316				498				20				118				952				(130	)			—				(43	)			779
Net income (loss)																			722				(86	)			33				(21	)			648
Diluted EPS																		$	0.43			$	(0.05	)		$	0.02			$	(0.01	)		$	0.38
Diluted shares used																			1,685				1,685				1,685				1,685				1,685

Second Quarter — Fiscal Year 2006

																						Estimated												Total
														Reconciling				QUALCOMM Pro				Share-Based				In-Process								QUALCOMM
Segments		QCT(1)*				QTL(1)*				QWI (1)*				Items (1)(2)*				Forma				Compensation (3)				R&D				QSI (4)				(GAAP)
Revenues		$	1,018			$	640			$	178			$	(2	)		$	1,834			$	—			$	—			$	—			$	1,834
EBT			291				587				16				68				962				(120	)			(21	)			(36	)			785
Net income (loss)																			706				(78	)			(21	)			(14	)			593
Diluted EPS																		$	0.41			$	(0.05	)		$	(0.01	)		$	(0.01	)		$	0.34
Diluted shares used																			1,721				1,721				1,721				1,721				1,721

Third Quarter — Fiscal Year 2006

																						Estimated								Total
														Reconciling				QUALCOMM Pro				Share-Based								QUALCOMM
Segments		QCT(1)*				QTL(1)*				QWI (1)*				Items (1)(2)*				Forma				Compensation (3)				QSI (4)				(GAAP)
Revenues		$	1,133			$	640			$	178			$	—			$	1,951			$	—			$	—			$	1,951
EBT			346				576				18				36				976				(126	)			(26	)			824
Net income (loss)																			726				(83	)			—				643
Diluted EPS																		$	0.42			$	(0.05	)		$	—			$	0.37
Diluted shares used																			1,728				1,728				1,728				1,728

Twelve Months — Fiscal Year 2006

																						Estimated																Total
														Reconciling				QUALCOMM Pro				Share-Based																QUALCOMM
Segments		QCT(1)*				QTL(1)*				QWI (1)*				Items (1)(2)*				Forma				Compensation (3)				Tax Items				In-Process R&D				QSI (4)				(GAAP)
Revenues		$	4,332			$	2,467			$	731			$	(4	)		$	7,526			$	—			$	—			$	—			$	—			$	7,526
EBT			1,298				2,233				78				197				3,806				(495	)			—				(22	)			(133	)			3,156
Net income (loss)																			2,804				(320	)			40				(22	)			(32	)			2,470
Diluted EPS																		$	1.64			$	(0.19	)		$	0.02			$	(0.01	)		$	(0.02	)		$	1.44
Diluted shares used																			1,711				1,711				1,711				1,711				1,711				1,711

Six Months — Fiscal Year 2007

																						Estimated																Total
														Reconciling				QUALCOMM Pro				Share-Based																QUALCOMM
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				Tax Items (5)				In-Process R&D				QSI (4)				(GAAP)
Revenues		$	2,490			$	1,359			$	387			$	4			$	4,240			$	—			$	—			$	—			$	—			$	4,240
Change from prior year			21	%			17	%			8	%			N/M				19	%																			19	%
EBT		$	684			$	1,134			$	40			$	200			$	2,058			$	(257	)		$	—			$	(10	)		$	(85	)		$	1,706
Change from prior year			9	%			6	%			21	%			N/M				10	%			6	%							(52	%)			1	%			12	%
Net income (loss)																		$	1,560			$	(169	)		$	33			$	(9	)		$	(42	)		$	1,373
Change from prior year																			14	%			6	%			(41	%)			(57	%)			20	%			13	%
Diluted EPS																		$	0.92			$	(0.10	)		$	0.02			$	(0.01	)		$	(0.02	)		$	0.81
Change from prior year																			15	%			11	%			(33	%)			0	%			0	%			14	%
Diluted shares used																			1,689				1,689				1,689				1,689				1,689				1,689

Six Months — Fiscal Year 2006

																						Estimated																Total
														Reconciling				QUALCOMM				Share-Based								In-Process								QUALCOMM
Segments		QCT(1)*				QTL(1)*				QWI(1)*				Items (1)(2)*				Pro Forma				Compensation (3)				Tax Items				R&D				QSI (4)				(GAAP)
Revenues		$	2,051			$	1,165			$	357			$	2			$	3,575			$	—			$	—			$	—			$	—			$	3,575
EBT			629				1,066				33				140				1,868				(242	)			—				(21	)			(84	)			1,521
Net income																			1,373				(160	)			56				(21	)			(35	)			1,213
Diluted EPS																		$	0.80			$	(0.09	)		$	0.03			$	(0.01	)		$	(0.02	)		$	0.71
Diluted shares used																			1,711				1,711				1,711				1,711				1,711				1,711

Conference Call

QUALCOMM’s second quarter fiscal 2007 earnings conference call will be broadcast live on April 25, 2007 beginning at 1:45 p.m. Pacific Daylight Time (PDT) on the Company’s web site at: www.qualcomm.com. This conference call may contain forward-looking financial information. The conference call will include a discussion of “non-GAAP financial measures” as that term is defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP, as well as the other material financial and statistical information to be discussed in the conference call, will be posted on the Company’s Investor Relations web site at www.qualcomm.com immediately prior to commencement of the call. A taped audio replay will be available via telephone on April 25, 2007 beginning at approximately 5:30 p.m. (PDT) through June 25, 2007 at 9:00 p.m. (PDT). To listen to the replay, U.S. callers may dial (800) 642-1687 and international callers may dial (706) 645-9291. U.S. and international callers should use reservation number 1486859. An audio replay of the conference call will be available on the Company’s web site at www.qualcomm.com for two weeks following the live call.

Editor’s Note: If you would like to view the web slides that accompany this earnings release and conference call, please view the QUALCOMM Investor Relations website at http://investor.qualcomm.com/results.cfm .

QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2006 FORTUNE 500^® company traded on The Nasdaq Stock Market^® under the ticker symbol QCOM.

Note Regarding Use of Non-GAAP Financial Measures

The Company presents pro forma financial information that is used by management (i) to evaluate, assess and benchmark the Company’s operating results on a consistent and comparable basis, (ii) to measure the performance and efficiency of the Company’s ongoing core operating businesses, including the QUALCOMM CDMA Technologies, QUALCOMM Technology Licensing and QUALCOMM Wireless & Internet segments, and (iii) to compare the performance and efficiency of these segments against each other and against competitors outside the Company. Pro forma measurements of the following financial data are used by the Company’s management: revenues, R&D expenses, SG&A expenses, total operating expenses, operating income, net investment income, income before income taxes, effective tax rate, net income, diluted earnings per share, operating cash flow and free cash flow. Management is able to assess what it believes is a more meaningful and comparable set of financial performance measures for the Company and its business segments by eliminating the episodic impact of strategic investments in QSI and items such as acquired in-process R&D, as well as the inherent, non-operational volatility of share-based compensation. As a result, management compensation decisions and the review of executive compensation by the Compensation Committee of the Board of Directors focus primarily on pro forma financial measures applicable to the Company and its business segments.

Pro forma information used by management excludes the QUALCOMM Strategic Initiatives (QSI) segment, certain estimated share-based compensation, certain tax adjustments related to prior years and acquired in-process R&D. The QSI segment is excluded because the Company expects to exit its strategic investments at various times and the effects of fluctuations in the value of such investments are viewed by management as unrelated to the Company’s operational performance. Estimated share-based compensation, other than amounts related to share-based awards granted under the executive bonus program, is excluded because management views the valuation of options and other share-based compensation as theoretical and unrelated to the Company’s

operational performance as the share-based compensation is affected by factors that are subject to change on each grant date, including the Company’s stock price, stock market volatility, expected option life, risk-free interest rates and expected dividend payouts in future years. Moreover, it is not an expense that requires or will require cash payment by the Company. Certain tax adjustments related to prior years are excluded in order to provide a clearer understanding of the Company’s ongoing tax rate and after tax earnings. Acquired in-process R&D is excluded because such expense is viewed by management as unrelated to the operating activities of the Company’s ongoing core businesses.

The Company presents free cash flow, defined as net cash provided by operating activities less capital expenditures, to facilitate an understanding of the amount of cash flow generated that is available to grow its business and to create long-term shareholder value. The Company believes that this presentation is useful in evaluating its operating performance and financial strength. In addition, management uses this measure to evaluate the Company’s performance, to value the Company and to compare its operating performance with other companies in the industry.

The non-GAAP pro forma financial information 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, pro forma is not a term defined by GAAP, and, as a result, the Company’s measure of pro forma results might be different than similarly titled measures used by other companies. Reconciliations between total QUALCOMM (GAAP) results and QUALCOMM pro forma results and total QUALCOMM (GAAP) cash flow and QUALCOMM pro forma cash flow are presented herein.

Note Regarding Forward-Looking Statements

In addition to the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: the rate of development, deployment and commercial acceptance of CDMA-based networks and CDMA-based technology, including CDMA2000 1X, 1xEV-DO, WCDMA and HSDPA both domestically and internationally; our dependence on major customers and licensees; attacks on our licensing business model, including results of current and future litigation

and arbitration proceedings as well as actions of governmental or quasi-governmental bodies, and the costs we incur in connection therewith; fluctuations in the demand for CDMA-based products, services or applications; foreign currency fluctuations; strategic loans, investments and transactions the Company has or may pursue; our dependence on third party manufacturers and suppliers; our ability to maintain and improve operational efficiencies and profitability; the development, deployment and commercial acceptance of the MediaFLO USA network and FLO™ technology; as well as the other risks detailed from time-to-time in the Company’s SEC reports.

###

© 2007 QUALCOMM Incorporated. All rights reserved. QUALCOMM is a registered trademark of QUALCOMM Incorporated. CDMA2000® is a registered trademark of the Telecommunications Industry Association. All other trademarks are the property of their respective owners.

QUALCOMM Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
THIS SCHEDULE IS TO ASSIST THE READER IN RECONCILING FROM
PRO FORMA RESULTS TO TOTAL QUALCOMM (GAAP) RESULTS
(In millions, except per share data)
(Unaudited)

		Three Months Ended April 1, 2007
						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
		Pro Forma				Compensation (a)				R&D				QSI				(GAAP)
Revenues:
Equipment and services		$	1,370			$	—			$	—			$	—			$	1,370
Licensing and royalty fees			851				—				—				—				851
Total revenues			2,221				—				—				—				2,221
Operating expenses:
Cost of equipment and services revenues			616				9				—				9				634
Research and development			370				58				10				16				454
Selling, general and administrative			301				59				—				25				385
Total operating expenses			1,287				126				10				50				1,473
Operating income (loss)			934				(126	)			(10	)			(50	)			748
Investment income, net			172	(b)			—				—				8	(c)			180
Income (loss) before income taxes			1,106				(126	)			(10	)			(42	)			928
Income tax (expense) benefit			(268	)(d)			43				1				22	(e)			(202	)(d)
Net income (loss)		$	838			$	(83	)		$	(9	)		$	(20	)		$	726
Earnings (loss) per common share:
Diluted		$	0.50			$	(0.05	)		$	(0.01	)		$	(0.01	)		$	0.43
Shares used in per share calculations:
Diluted			1,693				1,693				1,693				1,693				1,693
Supplemental Financial Data:
Operating Cash Flow		$	1,159			$	(87)	(g)		$	(10	)		$	(71	)		$	991
Operating Cash Flow as a % of Revenues			52	%															45	%
Free Cash Flow (f)		$	1,087			$	(87)	(g)		$	(10	)		$	(91	)		$	899
Free Cash Flow as a % of Revenues			49	%															40	%

QUALCOMM Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THIS SCHEDULE IS TO ASSIST THE READER IN RECONCILING FROM
PRO FORMA RESULTS TO TOTAL QUALCOMM (GAAP) RESULTS
(In millions, except per share data)
(Unaudited)

		Six Months Ended April 1, 2007
						Estimated																Total
		QUALCOMM				Share-Based				Tax				In-Process								QUALCOMM
		Pro Forma				Compensation (a)				Adjustment				R&D				QSI				(GAAP)
Revenues:
Equipment and services		$	2,712			$	—			$	—			$	—			$	—			$	2,712
Licensing and royalty fees			1,528				—				—				—				—				1,528
			4,240				—				—				—				—				4,240
Operating expenses:
Cost of equipment and services revenues			1,239				20				—				—				9				1,268
Research and development			737				115				—				10				33				895
Selling, general and administrative			582				122				—				—				50				754
Total operating expenses			2,558				257				—				10				92				2,917
Operating income (loss)			1,682				(257	)			—				(10	)			(92	)			1,323
Investment income (expense), net			376	(b)			—				—				—				7	(c)			383
Income (loss) before income taxes			2,058				(257	)			—				(10	)			(85	)			1,706
Income tax (expense) benefit			(498	)			88				33				1				43	(e)			(333)	(d)
Net income (loss)		$	1,560			$	(169	)		$	33			$	(9	)		$	(42	)		$	1,373
Earnings (loss) per common share:
Diluted		$	0.92			$	(0.10	)		$	0.02			$	(0.01	)		$	(0.02	)		$	0.81
Shares used in per share calculations:
Diluted			1,689				1,689				1,689				1,689				1,689				1,689
Supplemental Financial Data:
Operating Cash Flow		$	1,994			$	(119)	(g)		$	—			$	(10	)		$	(85	)		$	1,780
Operating Cash Flow as a % of Revenue			47	%																			42	%
Free Cash Flow (f)		$	1,633			$	(119)	(g)		$	—			$	(10	)		$	(138	)		$	1,366
Free Cash Flow as a % of Revenue			39	%																			32	%

QUALCOMM Incorporated
RECONCILIATION OF PRO FORMA FREE CASH FLOWS TO
TOTAL QUALCOMM (GAAP) NET CASH PROVIDED BY OPERATING ACTIVITIES
AND OTHER SUPPLEMENTAL DISCLOSURES
(In millions)
(Unaudited)

		Three Months Ended April 1, 2007
						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
		Pro Forma				Compensation				R&D				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,159			$	(87	)(a)		$	(10	)		$	(71	)		$	991
Less: capital expenditures			(72	)			—				—				(20	)			(92	)
Free cash flow		$	1,087			$	(87	)		$	(10	)		$	(91	)		$	899
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	7			$	—			$	—			$	(7	)		$	—
Cash transfers to QSI (2)			(99	)			—				—				99				—
Net cash transfers		$	(92	)		$	—			$	—			$	92			$	—

		Six Months Ended April 1, 2007
						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
		Pro Forma				Compensation				R&D				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,994			$	(119	)(a)		$	(10	)		$	(85	)		$	1,780
Less: capital expenditures			(361	)			—				—				(53	)			(414	)
Free cash flow		$	1,633			$	(119	)		$	(10	)		$	(138	)		$	1,366
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	13			$	—			$	—			$	(13	)		$	—
Cash transfers to QSI (2)			(194	)			—				—				194				—
Net cash transfers		$	(181	)		$	—			$	—			$	181			$	—

		Three Months Ended March 26, 2006
						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
		Pro Forma				Compensation				R&D				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,072			$	(172	)(a)		$	—			$	(11	)		$	889
Less: capital expenditures			(125	)			—				—				(36	)			(161	)
Free cash flow		$	947			$	(172	)		$	—			$	(47	)		$	728

		Six Months Ended March 26, 2006
						Estimated												Total
		QUALCOMM				Share-Based				In-Process								QUALCOMM
		Pro Forma				Compensation				R&D				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,785			$	(273	)(a)		$	—			$	(27	)		$	1,485
Less: capital expenditures			(307	)			—				—				(67	)			(374	)
Free cash flow		$	1,478			$	(273	)		$	—			$	(94	)		$	1,111