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 Fourth Quarter and Fiscal 2007 Results
Fiscal 2007 Revenues $8.87 Billion, Diluted EPS $1.95
Pro Forma Fiscal 2007 Revenues $8.87 Billion, Diluted EPS $2.01

Worldwide 3G Adoption Drives Record Fiscal Year Financial Results

SAN DIEGO — November 8, 2007 — Qualcomm Incorporated (NASDAQ: QCOM) today announced results for the fourth fiscal quarter and year ended September 30, 2007.

Total Qualcomm (GAAP) Results

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

     Fourth Quarter

	•		Revenues: $2.31 billion, up 15 percent year-over-year and down 1 percent sequentially.
	•		Net income: $1.13 billion, up 84 percent year-over-year and 42 percent sequentially.
	•		Diluted earnings per share: $0.67, up 86 percent year-over-year and 43 percent sequentially.
	•		Effective tax rate: negative 19 percent, due to a $331 million benefit as a result of completing audits of prior years’ tax returns.
	•		Estimated share-based compensation: $78 million, net of tax, up 3 percent year-over-year and 3 percent sequentially.
	•		Operating cash flow: $1.04 billion, up 10 percent year-over-year; 45 percent of revenues.
	•		Return of capital to stockholders: $1.45 billion in the fourth quarter, including $230 million of cash dividends, or $0.14 per share, and $1.22 billion to repurchase 31 million shares of our common stock.

     Fiscal 2007

	•		Revenues: $8.87 billion, up 18 percent year-over-year.
	•		Net income: $3.30 billion, up 34 percent year-over-year.
	•		Diluted earnings per share: $1.95, up 35 percent year-over-year.

-more-

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 2 of 18

	•		Effective tax rate: 9 percent.
	•		Estimated share-based compensation: $324 million, net of tax, up 1 percent year-over-year.
	•		Operating cash flow: $3.81 billion, up 17 percent year-over-year; 43 percent of revenues.
	•		Return of capital to stockholders: $2.34 billion, including $862 million of cash dividends, or $0.52 per share, and $1.48 billion to repurchase 37 million shares of our common stock.

Qualcomm Pro Forma Results

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

     Fourth Quarter

	•		Revenues: $2.31 billion, up 15 percent year-over-year and down 1 percent sequentially.
	•		Net income: $911 million, up 29 percent year-over-year and down 2 percent sequentially.
	•		Diluted earnings per share: $0.54, up 29 percent year-over-year and down 2 percent sequentially; excludes $0.02 loss per share attributable to the QSI segment, $0.05 loss per share attributable to certain estimated share-based compensation and $0.20 earnings per share attributable to certain tax items related to prior years.
	•		Effective tax rate: 19 percent.
	•		Free cash flow: $916 million, up 1 percent year-over-year; 40 percent of revenues. (Defined as net cash from operating activities less capital expenditures).

     Fiscal 2007

	•		Revenues: $8.87 billion, up 18 percent year-over-year.
	•		Net income: $3.41 billion, up 21 percent year-over-year.
	•		Diluted earnings per share: $2.01, up 23 percent year-over-year; excludes $0.08 loss per share attributable to the QSI segment, $0.19 loss per share attributable to certain share-based compensation, $0.22 earnings per share attributable to certain tax items related to prior years and $0.01 loss per share attributable to acquired in-process R&D.
	•		Effective tax rate: 22 percent.
	•		Free cash flow: $3.53 billion, up 11 percent year-over-year; 40 percent of revenues. (Defined as net cash from operating activities less capital expenditures).

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 3 of 18

Detailed reconciliations between total Qualcomm (GAAP) results and cash flow 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 delivered another record performance in fiscal 2007 because our employees and partners continue to provide industry leading innovative wireless products and services,” said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. “We achieved record revenues, net income and operating cash flow and returned a record $2.3 billion of capital to our stockholders through our cash dividend and stock repurchase programs.”

“In addition to our strong business and financial performance, our focused execution resulted in many significant achievements in fiscal 2007. More than 530 million wireless subscribers are now benefiting from the widespread and accelerating availability of 3G CDMA mobile broadband networks with advanced wireless devices at competitive prices. We shipped a record 253 million Mobile Station Modem^™ (MSM^™) chips, a 22% year-over-year increase, and for the second quarter in a row we were named the world's top supplier of semiconductors for wireless applications by iSuppli. We continued to expand our chipset portfolio with the addition of the 7000 series platform for high performance wireless devices and a low cost single chip for EV-DO Rev. A mobile broadband.”

“In close partnership with the world's leading content providers, our MediaFLO^™ mobile TV service is now commercially available in the United States and in trials around the world. With ground breaking innovations, such as MediaFLO, Snapdragon^™ and Gobi^™, and by partnering with new market entrants, such as Google and Skype, Qualcomm is expanding the impact of 3G CDMA beyond traditional products, services and partners.”

Cash and Marketable Securities

Qualcomm’s cash, cash equivalents and marketable securities totaled approximately $11.8 billion at the end of the fourth quarter of fiscal 2007, compared to $12.3 billion at the end of the third quarter of fiscal 2007 and $9.9 billion a year ago. As of September 30, 2007, $1.5 billion remained authorized for repurchases under our stock repurchase program. From October 1, 2007 through November 7, 2007, we repurchased and retired 13 million shares of our common stock for approximately $525 million. On October 11, 2007, we announced a cash dividend of $0.14 per

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 4 of 18

share payable on January 4, 2008 to stockholders of record at the close of business on December 7, 2007.

Estimated Share-Based Compensation

Total Qualcomm (GAAP) net income for the fourth quarter of fiscal 2007 included estimated share-based compensation, net of tax, of $78 million, or $0.05 per diluted share. This compares to $76 million, or $0.05 per diluted share, in the prior year quarter.

Research and Development

						Estimated
		Qualcomm Pro				Share-Based												Total Qualcomm
($ in millions)		Forma				Compensation				In-Process R&D				QSI				(GAAP)
Fourth quarter fiscal 2007		$	410			$	55			$	—			$	16			$	481
As a % of revenue			18	%											N/M				21	%
Fourth quarter fiscal 2006		$	338			$	56			$	1			$	16			$	411
As a % of revenue			17	%															21	%
Year-over-year change ($)			21	%			(2	%)											17	%

Pro forma R&D expenses increased 21 percent year-over-year, primarily due to additional engineering resources for the development of integrated circuit products, next generation CDMA and OFDMA technologies, the expansion of our intellectual property portfolio and other initiatives to support the acceleration of advanced wireless products and services, including lower cost phones, the integration of wireless with consumer electronics and computing, the convergence of multiband, multimode, multinetwork products and technologies, third party operating systems and services platforms. QSI R&D expenses were related to MediaFLO USA.

Selling, General and Administrative

						Estimated
		Qualcomm Pro				Share-Based								Total Qualcomm
($ in millions)		Forma				Compensation				QSI				(GAAP)
Fourth quarter fiscal 2007		$	248			$	53			$	22			$	323
As a % of revenue			11	%							N/M				14	%
Fourth quarter fiscal 2006		$	237			$	62			$	22			$	321
As a % of revenue			12	%											16	%
Year-over-year change ($)			5	%			(15	%)							1	%

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 5 of 18

Pro forma selling, general and administrative (SG&A) expenses increased 5 percent year-over-year, largely attributable to increases in costs related to litigation and other legal matters, employee related expenses and other professional fees, partially offset by a gain on the sale of a building. QSI SG&A expenses were primarily related to MediaFLO USA.

Effective Income Tax Rate

Our fiscal 2007 effective income tax rate for total Qualcomm (GAAP) was 9 percent, and our fiscal 2007 pro forma effective tax rate was 22 percent. Our total Qualcomm (GAAP) diluted earnings per share in the fourth quarter and fiscal 2007 included a $0.20 benefit as a result of prior year tax audits completed during the fourth fiscal quarter. This benefit resulted in a negative tax rate for the fourth quarter of fiscal 2007 for total Qualcomm (GAAP). Fourth quarter fiscal 2007 Qualcomm pro forma results excluded this $0.20 diluted earnings per share benefit to provide a clearer understanding of our ongoing tax rate and after tax earnings.

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 fourth quarter of fiscal 2007 included $0.02 loss per share for the QSI segment. The fourth quarter of fiscal 2007 QSI results included $63 million in operating expenses, primarily related to MediaFLO USA.

Business Outlook

The following statements are forward-looking and actual results may differ materially. The “Note Regarding Forward-Looking Statements” at the end of this news release provides a description of certain risks that we face, and our annual and quarterly reports on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks. Due to their nature, certain income and expense items, such as realized investment gains or losses, gains and losses on certain derivative instruments or asset impairments, cannot be accurately forecast. Accordingly, we exclude forecasts of such items from our business outlook, and actual results may vary materially from the business outlook if we incur any such income or expense items. In addition, our outlook does not include provisions for the consequences of injunctions or significant possible damages or costs related to litigation matters unless damages have been awarded by a court.

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 6 of 18

We are engaged in multiple disputes with Nokia Corp., including arbitration over Nokia’s obligation to pay royalties for the use of certain of our patents. As a result, under generally accepted accounting principles, we are not recording royalty revenue attributable to Nokia’s sales after April 9, 2007 until an arbitrator (or court) awards damages or the disputes are otherwise resolved by agreement with Nokia. We have excluded from our fiscal 2008 revenue and earnings guidance our estimate of royalties which we believe Nokia is required to report and pay to us under our existing license agreement in fiscal 2008 of approximately $0.25-$0.30 diluted earnings per share.

We perform periodic audits of the royalties payable by our licensees. As a result of our audit process, we determined during the fourth quarter of fiscal 2007 that total CDMA-based handset unit shipments and average selling prices (ASPs) should be adjusted for certain periods. The adjustments related only to handset shipments and ASPs and did not impact the amount or timing of our revenue. Based on this new information, we now estimate shipments of 89 million handsets reported in our fourth quarter fiscal 2007, compared to our previous estimate of 92 million handsets. The estimated ASP for such units remains unchanged from our prior guidance of $218. A summary of the adjustments on prior periods is included on our Investor Relations website http://investor.qualcomm.com/results.cfm.

The following table summarizes total Qualcomm (GAAP) and Qualcomm pro forma guidance for the first fiscal quarter and fiscal year 2008 based on the current business outlook. The pro forma business outlook provided below is presented in a manner that is consistent with the presentation of pro forma results provided elsewhere herein.

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 7 of 18

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

Business Outlook Summary

FIRST FISCAL QUARTER

				Current Guidance
		Q1’07		Q1’08
		Results		Estimates
Qualcomm Pro Forma
Revenues		$2.02B		$2.3B—$2.4B
Year-over-year change				increase 14% — 19%
Diluted earnings per share (EPS)		$ 0.43		$0.50—$0.52
Year-over-year change				increase 16% — 21%
Total Qualcomm (GAAP)
Revenues		$2.02B		$2.3B—$2.4B
Year-over-year change				increase 14% — 19%
Diluted earnings per share (EPS)		$ 0.38		$0.42—$0.44
Year-over-year change				increase 11% — 16%
Diluted EPS attributable to QSI		($0.01)		($0.03)
Diluted EPS attributable to estimated share-based compensation		($0.05)		($0.05)
Diluted EPS attributable to tax items		$ 0.02		n/a
Metrics
MSM shipments		approx. 59M		approx. 74M — 78M
CDMA/WCDMA handset units shipped (1)(2)		approx. 74M*		approx. 95M — 98M*
CDMA/WCDMA handset unit wholesale average selling price (1)(2)		approx. $208*		approx. $212*

FISCAL YEAR

				Current Guidance
		FY 2007		FY 2008
		Results (3)		Estimates (4)
Qualcomm Pro Forma
Revenues		$8.87B		$9.5B—$9.9B
Year-over-year change				increase 7% — 12%
Diluted earnings per share (EPS)		$ 2.01		$2.03—$2.09
Year-over-year change				increase 1% — 4%
Total Qualcomm (GAAP)
Revenues		$8.87B		$9.5B—$9.9B
Year-over-year change				increase 7% — 12%
Diluted earnings per share (EPS)		$ 1.95		$1.68 — $1.74
Year-over-year change				decrease 11% — 14%
Diluted EPS attributable to tax items related to prior years		$ 0.22		n/a
Diluted EPS attributable to in-process R&D		($0.01)		n/a
Diluted EPS attributable to QSI		($0.08)		($0.14)
Diluted EPS attributable to estimated share-based compensation		($0.19)		($0.21)
Metrics
Fiscal year* CDMA/WCDMA handset unit wholesale average selling price (1)(2)		approx. $214		approx. $199

CALENDAR YEAR Handset Estimates (1)(2)

		Prior Guidance		Current Guidance		Current Guidance
		Calendar 2007		Calendar 2007		Calendar 2008
CDMA/WCDMA handset unit shipments		Estimates (5)		Estimates		Estimates
March quarter		approx. 86M		approx. 86M		not provided
June quarter		approx. 89M		approx. 89M		not provided
September quarter		not provided		approx. 95M — 98M		not provided
December quarter		not provided		not provided		not provided
Calendar year range (approx.)		367M — 387M		385M — 395M		492M — 522M
		Midpoint		Midpoint		Midpoint
CDMA/WCDMA units		approx. 377M		approx. 390M		approx. 507M
CDMA units		approx. 208M		approx. 208M		approx. 223M
WCDMA units		approx. 169M		approx. 182M		approx. 284M

Sums may not equal totals due to rounding.

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 8 of 18

Results of Business Segments

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

																						Estimated												Total
														Reconciling				Qualcomm Pro				Share-Based												Qualcomm
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				Tax Items (4)				QSI (6)				(GAAP)
Revenues		$	1,419			$	647			$	245			$	(6	)		$	2,305			$	—			$	—			$	1			$	2,306
Change from prior year			24	%			(2	%)			25	%			N/M				15	%															15	%
Change from prior quarter			4	%			(16	%)			25	%			N/M				(1	%)															(1	%)
EBT		$	424			$	537			$	31			$	137			$	1,129			$	(117	)		$	—			$	(64	)		$	948
Change from prior year			31	%			(9	%)			19	%			N/M				17	%			(8	%)							178	%			17	%
Change from prior quarter			(3	%)			(20	%)			72	%			N/M				(4	%)			3	%							(30	%)			(2	%)
EBT as a % of revenues			30	%			83	%			13	%			N/M				49	%			N/M				N/M				N/M				41	%
Net income (loss)																		$	911			$	(77	)		$	331			$	(34	)		$	1,131
Change from prior year																			29	%			1	%			N/M				N/M				84	%
Change from prior quarter																			(2	%)			3	%			N/M				(44	%)			42	%
Diluted EPS																		$	0.54			$	(0.05	)		$	0.20			$	(0.02	)		$	0.67
Change from prior year																			29	%			0	%			N/M				N/M				86	%
Change from prior quarter																			(2	%)			25	%			N/M				(50	%)			43	%
Diluted shares used																			1,689				1,689				1,689				1,689				1,689

Third Quarter — Fiscal Year 2007

																						Estimated								Total
														Reconciling				Qualcomm Pro				Share-Based								Qualcomm
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				QSI (6)				(GAAP)
Revenues		$	1,367			$	766			$	196			$	(4	)		$	2,325			$	—			$	—			$	2,325
EBT			439				668				18				52				1,177				(114	)			(91	)			972
Net income (loss)																			934				(75	)			(61	)			798
Diluted EPS																		$	0.55			$	(0.04	)		$	(0.04	)		$	0.47
Diluted shares used																			1,704				1,704				1,704				1,704

Fourth 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)				Tax Items				In-Process R&D				QSI (6)				(GAAP)
Revenues		$	1,147			$	661			$	196			$	(5	)		$	1,999			$	—			$	—			$	—			$	—			$	1,999
EBT			323				591				26				21				961				(127	)			—				(1	)			(23	)			810
Net income (loss)																			705				(76	)			(16	)			(1	)			2				614
Diluted EPS																		$	0.42			$	(0.05	)		$	(0.01	)		$	—			$	—			$	0.36
Diluted shares used																			1,693				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(1)*				QTL(1)*				QWI (1)*				Items (1)(2)*				Forma				Compensation (3)				Tax Items (5)				QSI (6)				(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

Twelve Months — Fiscal Year 2007

																						Estimated																Total
														Reconciling				Qualcomm Pro				Share-Based				Tax Items												Qualcomm
Segments		QCT				QTL				QWI				Items (2)				Forma				Compensation (3)				(4)(5)				In-Process R&D				QSI				(GAAP)
Revenues		$	5,275			$	2,772			$	828			$	(5	)		$	8,870			$	—			$	—			$	—			$	1			$	8,871
Change from prior year			22	%			12	%			13	%			N/M				18	%															N/M				18	%
EBT		$	1,547			$	2,340			$	88			$	388			$	4,363			$	(487	)		$	—			$	(10	)		$	(240	)		$	3,626
Change from prior year			19	%			5	%			13	%			N/M				15	%			(2	%)							(55	%)			80	%			15	%
EBT as a % of revenues			29	%			84	%			11	%			N/M				49	%			N/M				N/M				N/M				N/M				41	%
Net income (loss)																			3,406				(321	)			364				(9	)			(137	)		$	3,303
Change from prior year																			21	%			0	%			810	%			(59	%)			328	%			34	%
Diluted EPS																		$	2.01			$	(0.19	)		$	0.22			$	(0.01	)		$	(0.08	)		$	1.95
Change from prior year																			23	%			0	%			1000	%			0	%			300	%			35	%
Diluted shares used																			1,693				1,693				1,693				1,693				1,693				1,693

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				(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

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 9 of 18

Conference Call

Qualcomm’s fourth quarter fiscal 2007 earnings conference call will be broadcast live on November 8, 2007 beginning at 1:45 p.m. Pacific Standard Time (PST) 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 November 8, 2007 beginning at approximately 5:30 p.m. (PST) through December 8, 2007 at 9:00 p.m. (PST). 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 20553158. 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: To view the web slides that accompany this earnings release and conference call, please go to 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

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 10 of 18

500 Index and is a 2007 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 using pro forma information. 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 items 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. Further, share-based compensation is affected by factors that are subject to change, 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 generally not an expense that requires or will require cash payment by the Company. Certain tax items related to

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 11 of 18

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 between 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 deployment of our technologies in wireless networks and of 3G wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA and OFDMA both domestically and internationally; our dependence on major customers and licensees; attacks on our 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, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; fluctuations in the demand for products, services or applications based on our technologies; foreign currency fluctuations; strategic loans, investments and transactions the Company has or may pursue; our dependence on third party manufacturers and suppliers; our

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 12 of 18

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 Announces Fourth Quarter and Fiscal 2007 Results		Page 13 of 18

Qualcomm Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
This schedule is to assist the reader in reconciling from Qualcomm
Pro Forma results to Total Qualcomm (GAAP) results
(In millions, except per share data)
(Unaudited)

		Three Months Ended September 30, 2007
						Estimated												Total
		Qualcomm Pro				Share-Based												Qualcomm
		Forma				Compensation (a)				Tax Items (b)				QSI				(GAAP)
Revenues:
Equipment and services		$	1,568			$	—			$	—			$	1			$	1,569
Licensing and royalty fees			737				—				—				—				737
Total revenues			2,305				—				—				1				2,306
Operating expenses:
Cost of equipment and services revenues			691				9				—				25				725
Research and development			410				55				—				16				481
Selling, general and administrative			248				53				—				22				323
Total operating expenses			1,349				117				—				63				1,529
Operating income (loss)			956				(117	)			—				(62	)			777
Investment income (expense), net			173	(c)			—				—				(2	)(d)			171
Income (loss) before income taxes			1,129				(117	)			—				(64	)			948
Income tax (expense) benefit			(218	)(e)			40				331				30	(f)			183	(e)
Net income (loss)		$	911			$	(77	)		$	331			$	(34	)		$	1,131
Earnings (loss) per common share:
Diluted		$	0.54			$	(0.05	)		$	0.20			$	(0.02	)		$	0.67
Shares used in per share calculations:
Diluted			1,689				1,689				1,689				1,689				1,689
Supplemental Financial Data:
Operating Cash Flow		$	1,136			$	(41	)(h)		$	—			$	(52	)		$	1,043
Operating Cash Flow as a % of Revenues			49	%											N/M				45	%
Free Cash Flow (g)		$	916			$	(41	)(h)		$	—			$	(79	)		$	796
Free Cash Flow as a % of Revenues			40	%											N/M				35	%

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 14 of 18

Qualcomm Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
This schedule is to assist the reader in reconciling from Qualcomm
Pro Forma results to Total Qualcomm (GAAP) results
(In millions, except per share data)
(Unaudited)

		Twelve Months Ended September 30, 2007
						Estimated																Total
		Qualcomm Pro				Share-Based								In-Process								Qualcomm
		Forma				Compensation (a)				Tax Items (b)				R&D				QSI				(GAAP)
Revenues:
Equipment and services		$	5,764			$	—			$	—			$	—			$	1			$	5,765
Licensing and royalty fees			3,106				—				—				—				—				3,106
Total revenues			8,870				—				—				—				1				8,871
Operating expenses:
Cost of equipment and services revenues			2,572				39				—				—				70				2,681
Research and development			1,530				221				—				10				68				1,829
Selling, general and administrative			1,138				227				—				—				113				1,478
Total operating expenses			5,240				487				—				10				251				5,988
Operating income (loss)			3,630				(487	)			—				(10	)			(250	)			2,883
Investment income, net			733	(c)			—				—				—				10	(d)			743
Income (loss) before income taxes			4,363				(487	)			—				(10	)			(240	)			3,626
Income tax (expense) benefit			(957	)(e)			166				364				1				103				(323	)(e)
Net income (loss)		$	3,406			$	(321	)		$	364			$	(9	)		$	(137	)		$	3,303
Earnings (loss) per common share:
Diluted		$	2.01			$	(0.19	)		$	0.22			$	(0.01	)		$	(0.08	)		$	1.95
Shares used in per share calculations:
Diluted			1,693				1,693				1,693				1,693				1,693				1,693
Supplemental Financial Data:
Operating Cash Flow		$	4,252			$	(240	)(g)		$	—			$	(10	)		$	(191	)		$	3,811
Operating Cash Flow as a % of Revenue			48	%															N/M				43	%
Free Cash Flow (f)		$	3,526			$	(240	)(g)		$	—			$	(10	)		$	(283	)		$	2,993
Free Cash Flow as a % of Revenue			40	%															N/M				34	%

Qualcomm Announces Fourth Quarter and Fiscal 2007 Results		Page 15 of 18

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 September 30, 2007
						Estimated								Total
		Qualcomm				Share-Based								Qualcomm
		Pro Forma				Compensation				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,136			$	(41	)(a)		$	(52	)		$	1,043
Less: capital expenditures			(220	)			—				(27	)			(247	)
Free cash flow		$	916			$	(41	)		$	(79	)		$	796
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	2			$	—			$	(2	)		$	—
Cash transfers to QSI (2)			(94	)			—				94				—
Net cash transfers		$	(92	)		$	—			$	92			$	—

		Twelve Months Ended September 30, 2007
						Estimated												Total
		Qualcomm				Share-Based				In-Process								Qualcomm
		Pro Forma				Compensation				R&D				QSI				(GAAP)
Net cash provided (used) by operating activities		$	4,252			$	(240	)(a)		$	(10	)		$	(191	)		$	3,811
Less: capital expenditures			(726	)			—				—				(92	)			(818	)
Free cash flow		$	3,526			$	(240	)		$	(10	)		$	(283	)		$	2,993
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	55			$	—			$	—			$	(55	)		$	—
Cash transfers to QSI (2)			(358	)			—				—				358				—
Net cash transfers		$	(303	)		$	—			$	—			$	303			$	—

		Three Months Ended September 24, 2006
						Estimated								Total
		Qualcomm				Share-Based								Qualcomm
		Pro Forma				Compensation				QSI				(GAAP)
Net cash provided (used) by operating activities		$	1,007			$	(27)	(a)		$	(28	)		$	952
Less: capital expenditures			(100	)			—				(29	)			(129	)
Free cash flow		$	907			$	(27	)		$	(57	)		$	823

		Twelve Months Ended September 24, 2006
						Estimated								Total
		Qualcomm				Share-Based								Qualcomm
		Pro Forma				Compensation				QSI				(GAAP)
Net cash provided (used) by operating activities		$	3,746			$	(403)	(a)		$	(90	)		$	3,253
Less: capital expenditures			(566	)			—				(119	)			(685	)
Free cash flow		$	3,180			$	(403	)		$	(209	)		$	2,568