Exhibit 99.1

FOR IMMEDIATE RELEASE

Qualcomm Contact:
John Gilbert
Phone: 1-858-658-4813
e-mail: ir@qualcomm.com

$1.26 Billion of Operating Cash Flow, up 33% year-over-year;

Raising Fiscal 2009 Revenue Guidance; Global Resolution with Broadcom

SAN DIEGO — April 27, 2009 — Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the second quarter of fiscal 2009 ended March 29, 2009. While second quarter fiscal 2009 revenues were at the high end of prior guidance, strong operating results were offset by costs related to a settlement and patent agreement with Broadcom Corporation. In addition, results for the quarter were adversely impacted by other-than-temporary impairments to marketable securities.

Second Quarter Results (GAAP)

	•		Revenues: $2.46 billion, compared to $2.61 billion in the prior year and $2.52 billion in the prior quarter.
	•		Operating loss: $10 million, which reflects a $748 million charge for litigation settlement related to the settlement and patent agreement with Broadcom compared to operating income of $813 million in the prior year and $745 million in the prior quarter.
	•		Net loss: $289 million, compared to net income of $766 million in the prior year and $341 million in the prior quarter.
	•		Diluted loss per share: $0.18, compared to diluted earnings per share (EPS) of $0.47 in the prior year and $0.20 in the prior quarter.
	•		Effective tax rate: negative 186 percent for the quarter, primarily due to the impact of the discrete tax benefit related to the litigation settlement charge associated with the settlement and patent agreement with Broadcom at a rate less than the United States federal rate. Fiscal 2009 estimated tax rate of approximately 35 percent.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 2 of 18

	•		Estimated share-based compensation: $145 million, net of tax, compared to $88 million in the prior year and $99 million in the prior quarter.
	•		Operating cash flow: $1.26 billion, up 33 percent year-over-year; 51 percent of revenues.
	•		Return of capital to stockholders: $528 million, or $0.32 per share of cash dividends paid (relating to dividends declared in the first and second quarters).

Pro Forma Second Quarter 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.

	•		Revenues: $2.45 billion, compared to $2.60 billion in the prior year and $2.51 billion in the prior quarter.
	•		Operating income: $214 million, which reflects a $748 million charge for litigation settlement related to the settlement and patent agreement with Broadcom, compared to $1.02 billion in the prior year and $986 million in the prior quarter.
	•		Net loss: $46 million, compared to net income of $894 million in the prior year and $520 million in the prior quarter.
	•		Diluted loss per share: $0.03, compared to diluted EPS of $0.54 in the prior year and $0.31 in the prior quarter. The current quarter excludes $0.03 loss per share attributable to the QSI segment, $0.09 loss per share attributable to certain estimated share-based compensation and $0.02 loss per share attributable to the adjustment of our net deferred tax assets to reflect the future impact of the recently enacted California budget legislation.
	•		Effective tax rate: 131 percent for the quarter, primarily due to the impact of the discrete tax benefit related to the litigation settlement charge associated with the settlement and patent agreement with Broadcom at a rate less than the United States federal rate. Fiscal 2009 estimated tax rate of approximately 31 percent.
	•		Free cash flow: $1.15 billion, up 49 percent year-over-year; 47 percent of revenues (defined as net cash from operating activities less capital expenditures).

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 3 of 18

Detailed reconciliations between results reported in accordance with generally accepted accounting principles (GAAP) and pro forma results are included at the end of this news release. Prior period reconciliations are presented on Qualcomm’s Investor Relations web page at www.qualcomm.com.

“Global demand for 3G-enabled products and services remains strong despite the current economic environment,” said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. “Our second quarter revenues were at the high end of prior guidance, and I am pleased with the strong operating performance of our business. The recent settlement with Broadcom will resolve all pending litigation between the parties, and while this settlement adversely impacted our second quarter results, eliminating uncertainty, employee distraction and cost related to protracted litigation is a positive for our stockholders, customers, partners and the wireless industry.”

“While the business environment remains uncertain and the continued distress in global financial markets resulted in additional impairments to our marketable securities, we believe the CDMA inventory channel has stabilized, and we are seeing some replenishment of products driven primarily by emerging markets.  We continue to grow key research and development programs to further our technology leadership and drive future growth, while closely managing SG&A expenses.  Demand for CDMA-based products and services remains healthy, and our calendar year 2009 device shipment estimate remains unchanged.”

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled approximately $14.0 billion at the end of the second quarter of fiscal 2009, compared to $13.1 billion at the end of the first quarter of fiscal 2009 and $10.6 billion a year ago. During the second quarter of fiscal 2009, we increased our quarterly dividend from $0.16 to $0.17 per share. On April 8, 2009, we announced a cash dividend of $0.17 per share, payable on June 26, 2009 to stockholders of record at the close of business on May 29, 2009.

The distress in global financial markets has continued to affect the value of our marketable securities. As a result, we determined that $204 million, or approximately 1 percent of the recorded values of our cash, cash equivalents and marketable securities at March 29, 2009, were other-than-temporarily impaired. In addition, at March 29, 2009 and April 17, 2009, we had net unrealized losses on marketable securities of $898 million and $634 million, respectively.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 4 of 18

Research and Development

						Estimated
						Share-Based				In-Process
($ in millions)		Pro Forma				Compensation				R&D				QSI				GAAP
Second quarter fiscal 2009		$	506			$	68			$	6			$	24			$	604
As a % of revenues			21	%											N/M				25	%
Second quarter fiscal 2008		$	472			$	60			$	—			$	21			$	553
As a % of revenues			18	%											N/M				21	%
Year-over-year change ($)			7	%			13	%			N/M				14	%			9	%

Pro forma R&D expenses increased 7 percent year-over-year, primarily due to an increase in costs related to 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. QSI R&D expenses were related to our FLO TV^™ subsidiary, formerly MediaFLO USA.

Selling, General and Administrative

						Estimated
						Share-Based
($ in millions)		Pro Forma				Compensation				QSI				GAAP
Second quarter fiscal 2009		$	289			$	62			$	24			$	375
As a % of revenues			12	%							N/M				15	%
Second quarter fiscal 2008		$	334			$	61			$	25			$	420
As a % of revenues			13	%							N/M				16	%
Year-over-year change ($)			(13	%)			2	%			(4	%)			(11	%)

Pro forma selling, general and administrative (SG&A) expenses decreased by 13 percent year-over-year, a majority of which is due to cost reduction activities. QSI SG&A expenses were primarily related to FLO TV.

Litigation Settlement

The second quarter of fiscal 2009 operating expenses included a $748 million litigation settlement charge related to a settlement and patent agreement with Broadcom. The agreement provides for the

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 5 of 18

receipt of certain assets in the third quarter of fiscal 2009 and will resolve all pending litigation between the parties.

Effective Income Tax Rate

Our fiscal 2009 effective income tax rates are estimated to be 35 percent for GAAP and 31 percent for pro forma.  The second quarter effective tax rates of negative 186 percent for GAAP and 131 percent for pro forma differ from the annual rates due to the impact of the discrete tax benefit related to the litigation settlement charge associated with the settlement and patent agreement with Broadcom at a rate less than the United States federal rate. In addition, the second quarter GAAP effective tax rate differs from the estimated annual effective tax rate due to amounts recorded during the quarter to adjust our net deferred tax assets to reflect the future impact of California budget legislation enacted February 20, 2009.

Qualcomm Strategic Initiatives

The QSI segment is composed of our strategic investments, including our FLO TV subsidiary.  GAAP results for the second quarter of fiscal 2009 included a $0.03 loss per share for the QSI segment. The second quarter of fiscal 2009 QSI results included $86 million in operating expenses, primarily related to FLO TV.

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.

We expect the global financial crisis and resulting slowdown in the worldwide economy to continue to cause lower demand for CDMA-based products in various regions. We expect a greater mix of lower-priced CDMA-based products for emerging markets to impact our financial results for the second half of fiscal 2009 as compared to the second half of fiscal 2008. In addition, the financial crisis has had, and may continue to have, an impact on the value of our marketable securities and net investment income (loss). While we do not forecast impairments, we do have unrealized losses on marketable securities that could be recognized in future periods if market conditions do not improve. Given the unprecedented daily market

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 6 of 18

volatility and the significant judgments involved, accurately forecasting other-than-temporary impairments associated with our marketable securities is extremely difficult and actual results could vary materially. As a result, while we are providing revenue, operating income and our other standard guidance, we are not providing earnings per share guidance.

Moreover, our outlook does not include provisions for the consequences of injunctions or significant possible damages related to litigation matters, unless damages or injunctions have been awarded by a court. In addition, 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. 

The following table summarizes GAAP and pro forma guidance based on the current business outlook. The pro forma business outlook provided below is presented consistent with the presentation of pro forma results elsewhere herein.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 7 of 18

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

Qualcomm’s Business Outlook Summary

THIRD FISCAL QUARTER

		Q3’08				Current Guidance
		Results (2)				Q3’09 Estimates (3)
Pro Forma
Revenues		$	2.76B			$	2.40B - $2.60B
Year-over-year change						decrease 6% - 13		%
Operating income		$	1.06B			$	0.80B - $0.90B
Year-over-year change						decrease 15% - 25		%
GAAP
Revenues		$	2.76B			$	2.40B - $2.60B
Year-over-year change						decrease 6% - 13		%
Operating income		$	0.82B			$	0.55B - $0.65B
Year-over-year change						decrease 21% - 33		%
Operating income (loss) attributable to QSI		$	(0.08B	)		$	(0.10B	)
Operating income (loss) attributable to estimated share-based compensation		$	(0.14B	)		$	(0.15B	)
Operating income (loss) attributable to in-process R&D		$	(0.01B	)			n/a
Metrics
MSM shipments		approx. 86		M		approx. 87M - 92		M
CDMA/WCDMA devices shipped (1)		approx. 107		M*		approx. 107M - 112		M*
CDMA/WCDMA device wholesale average selling price (1)		approx. $226		*		approx. $196		*

FISCAL YEAR

FY 2008

Prior Guidance

Current Guidance

Results

FY 2009 Estimates (3)(4)

FY 2009 Estimates (3)

Pro Forma

Revenues

$

11.13B

$

9.3B - $9.8B

$

9.85B - $10.25B

Year-over-year change

decrease 12% - 16

%

decrease 8% - 12

%

Operating income

$

4.60B

$

3.2B - $3.5B

$

2.95B - $3.15B

Year-over-year change

decrease 24% - 30

%

decrease 32% - 36

%

GAAP

Revenues

$

11.14B

$

9.3B - $9.8B

$

9.85B - $10.25B

Year-over-year change

decrease 12% - 17

%

decrease 8% - 12

%

Operating income

$

3.73B

$

2.2B - $2.5B

$

1.95B - $2.15B

Year-over-year change

decrease 33% - 41

%

decrease 42% - 48

%

Operating income (loss) attributable to QSI

$

(0.32B

)

$

(0.40B

)

$

(0.39B

)

Operating income (loss) attributable to estimated share-based compensation

$

(0.54B

)

$

(0.60B

)

$

(0.60B

)

Operating income (loss) attributable to in-process R&D

$

(0.01B

)

not provided

$

(0.01B

)

Metrics

Fiscal year* CDMA/WCDMA device wholesale average selling price (1)

approx. $219

approx. $202

approx. $199

CALENDAR YEAR Device Estimates (1)

Prior Guidance

Current Guidance

Calendar 2008

Calendar 2009

Calendar 2009

CDMA/WCDMA device shipments

Estimates

Estimates

Estimates

March quarter

approx. 107M

not provided

approx. 107M - 112M

June quarter

approx. 119M

not provided

not provided

September quarter

approx. 125M

not provided

not provided

December quarter

approx. 128M

not provided

not provided

Calendar year range (approx.)

480M

540M - 590M

540M - 590M

Midpoint

Midpoint

Midpoint

CDMA/WCDMA units

approx. 480M

approx. 565M

approx. 565M

CDMA units

approx. 216M

approx. 212M

approx. 217M

WCDMA units

approx. 264M

approx. 353M

approx. 348M

Sums may not equal totals due to rounding.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 8 of 18

Results of Business Segments (in millions, except per share data):
Second Quarter — Fiscal Year 2009

														Pro Forma								Estimated
														Reconciling				Pro Forma				Share-Based								In-Process
Segments		QCT				QTL				QWI				Items (1)(2)				(2)				Compensation (3)				Tax Items (4)				R&D				QSI (5)				GAAP (2)
Revenues		$	1,316			$	954			$	176			$	1			$	2,447			$	—			$	—			$	—			$	8			$	2,455
Change from prior year			(19	%)			20	%			(9	%)			N/M				(6	%)															300	%			(6	%)
Change from prior quarter			(1	%)			(5	%)			4	%			N/M				(3	%)															33	%			(2	%)
Operating income (loss)																		$	214			$	(140	)		$	—			$	(6	)		$	(78	)		$	(10	)
Change from prior year																			(79	%)			(8	%)							N/A				(5	%)			(101	%)
Change from prior quarter																			(78	%)			3	%							N/A				19	%			(101	%)
EBT		$	217			$	839			$	25			$	(934	)		$	147			$	(140	)		$	—			$	(6	)		$	(102	)		$	(101	)
Change from prior year			(49	%)			23	%			N/M				N/M				(87	%)			(8	%)							N/A				(62	%)			(111	%)
Change from prior quarter			29	%			(4	%)			N/M				N/M				(79	%)			3	%							N/A				(4	%)			(122	%)
EBT as a % of revenues			16	%			88	%			14	%			N/M				6	%			N/M								N/M				N/M				(4	%)
Net (loss) income																		$	(46	)		$	(145	)		$	(36	)		$	(6	)		$	(56	)		$	(289	)
Change from prior year																			(105	%)			(65	%)			N/A				N/A				(40	%)			(138	%)
Change from prior quarter																			(109	%)			(46	%)			N/A				N/A				30	%			(185	%)
Diluted EPS																		$	(0.03	)		$	(0.09	)		$	(0.02	)		$	—			$	(0.03	)		$	(0.18	)
Change from prior year																			(106	%)			(80	%)			N/A				N/A				(50	%)			(138	%)
Change from prior quarter																			(110	%)			(50	%)			N/A				N/A				40	%			(190	%)
Diluted shares used																			1,651				1,651				1,651				1,651				1,651				1,651

First Quarter — Fiscal Year 2009

														Pro Forma								Estimated
														Reconciling								Share-Based
Segments		QCT				QTL				QWI				Items (1)				Pro Forma				Compensation (3)				QSI (5)				GAAP
Revenues		$	1,334			$	1,006			$	170			$	1			$	2,511			$	—			$	6			$	2,517
Operating income (loss)																			986				(145	)			(96	)			745
EBT			168				874				3				(351	)			694				(145	)			(98	)			451
Net income (loss)																			520				(99	)			(80	)			341
Diluted EPS																		$	0.31			$	(0.06	)		$	(0.05	)		$	0.20
Diluted shares used																			1,667				1,667				1,667				1,667

Second Quarter — Fiscal Year 2008

														Pro Forma								Estimated
														Reconciling								Share-Based
Segments		QCT				QTL				QWI				Items (1)				Pro Forma				Compensation (3)				QSI (5)				GAAP
Revenues		$	1,620			$	795			$	194			$	(5	)		$	2,604			$	—			$	2			$	2,606
Operating income (loss)																			1,017				(130	)			(74	)			813
EBT			427				684				—				(12	)			1,099				(130	)			(63	)			906
Net income (loss)																			894				(88	)			(40	)			766
Diluted EPS																		$	0.54			$	(0.05	)		$	(0.02	)		$	0.47
Diluted shares used																			1,643				1,643				1,643				1,643

Third Quarter — Fiscal Year 2008

														Pro Forma								Estimated
														Reconciling								Share-Based				In-Process
Segments		QCT				QTL				QWI				Items (1)				Pro Forma				Compensation (3)				R&D				QSI (5)				GAAP
Revenues		$	1,762			$	803			$	190			$	3			$	2,758			$	—			$	—			$	4			$	2,762
Operating income (loss)																			1,060				(139	)			(13	)			(84	)			824
EBT			487				670				(1	)			(40	)			1,116				(139	)			(13	)			(82	)			882
Net income (loss)																			915				(94	)			(13	)			(60	)			748
Diluted EPS																		$	0.55			$	(0.06	)		$	(0.01	)		$	(0.04	)		$	0.45
Diluted shares used																			1,654				1,654				1,654				1,654				1,654

Twelve Months — Fiscal Year 2008

														Pro Forma								Estimated
														Reconciling								Share-Based				In-Process
Segments		QCT				QTL				QWI				Items (1)				Pro Forma				Compensation (3)				R&D				QSI				GAAP
Revenues		$	6,717			$	3,622			$	785			$	6			$	11,130			$	—			$	—			$	12			$	11,142
Operating income (loss)																			4,604				(540	)			(14	)			(320	)			3,730
EBT			1,833				3,142				(1	)			(290	)			4,684				(540	)			(14	)			(304	)			3,826
Net income (loss)																			3,740				(365	)			(13	)			(202	)			3,160
Diluted EPS																		$	2.25			$	(0.22	)		$	(0.01	)		$	(0.12	)		$	1.90
Diluted shares used																			1,660				1,660				1,660				1,660				1,660

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 9 of 18

Six Months — Fiscal Year 2009

														Pro Forma								Estimated
														Reconciling								Share-Based								In-Process
Segments		QCT				QTL				QWI				Items (1)(2)				Pro Forma (2)				Compensation (3)				Tax Items (4)				R&D				QSI (5)				GAAP (2)
Revenues		$	2,650			$	1,961			$	346			$	2			$	4,959			$	—			$	—			$	—			$	13			$	4,972
Change from prior year			(17	%)			36	%			(15	%)			N/M				(2	%)															225	%			(1	%)
Operating income (loss)																		$	1,200			$	(285	)		$	—			$	(6	)		$	(174	)		$	735
Change from prior year																			(39	%)			(12	%)											(26	%)			(53	%)
EBT		$	385			$	1,713			$	28			$	(1,285	)		$	841			$	(285	)		$	—			$	(6	)		$	(200	)		$	350
Change from prior year			(57	%)			40	%			17	%			N/M				(62	%)			(12	%)							N/M				(71	%)			(81	%)
Net income (loss)																		$	472			$	(243	)		$	(36	)		$	(6	)		$	(135	)		$	52
Change from prior year																			(73	%)			(40	%)			N/A				N/M				(125	%)			(97	%)
Diluted EPS																		$	0.28			$	(0.15	)		$	(0.02	)		$	—			$	(0.08	)		$	0.03
Change from prior year																			(74	%)			(50	%)			N/A				N/M				(100	%)			(97	%)
Diluted shares used																			1,665				1,665				1,665				1,665				1,665				1,665

Six Months — Fiscal Year 2008

														Pro Forma								Estimated
														Reconciling								Share-Based				In-Process
Segments		QCT				QTL				QWI				Items (1)				Pro Forma				Compensation (3)				R&D				QSI (5)				GAAP
Revenues		$	3,194			$	1,445			$	405			$	(1	)		$	5,043			$	—			$	—			$	4			$	5,047
Operating income (loss)																			1,966				(255	)			(2	)			(138	)			1,571
EBT			897				1,224				24				65				2,210				(255	)			(2	)			(117	)			1,836
Net income (loss)																			1,767				(173	)			(1	)			(60	)			1,533
Diluted EPS																		$	1.07			$	(0.10	)		$	—			$	(0.04	)		$	0.93
Diluted shares used																			1,653				1,653				1,653				1,653				1,653

N/M – Not Meaningful

Sums may not equal totals due to rounding.

Conference Call

Qualcomm’s second quarter fiscal 2009 earnings conference call will be broadcast live on April 27, 2009 beginning at 5:00 a.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 27, 2009, beginning at approximately 9:00 a.m. PDT through May 27, 2009 at 9:00 p.m. PDT. To listen to the replay, U.S. callers may dial (800) 642-1687 and international callers may

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 10 of 18

dial (706) 645-9291. U.S. and international callers should use reservation number 96824653. 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 web site at http://investor.qualcomm.com/results.cfm

Qualcomm Incorporated (Nasdaq: QCOM) 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 100 Index, the S&P 500 Index and is a 2009 FORTUNE 500^® company. For more information, please visit www.qualcomm.com.

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 (loss), income before income taxes, effective tax rate, net income (loss), diluted earnings (loss) 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 QSI segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 11 of 18

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 a bonus program that may result in the issuance of unrestricted shares of the Company’s common stock, is excluded because management views such share-based compensation as unrelated to the Company’s operational performance. Moreover, it is generally not an expense that requires or will require cash payment by the Company. Further, share-based compensation related to options 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. Certain tax items related to prior years are excluded in order to provide a clearer understanding of the Company’s ongoing pro forma tax rate and after tax earnings. The Company decided to include the benefit of the retroactive extension of the federal research and development tax credit in pro forma results starting in fiscal 2009 because it recurs with relative frequency and would have been included in the Company’s pro forma results for the prior year if it had been reenacted in the prior fiscal year. 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 GAAP results and pro forma results are presented herein.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 12 of 18

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; the current uncertainty of global economic conditions and its potential impact on demand for our products, services or applications and the value of our marketable securities; 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; our dependence on major customers and licensees; foreign currency fluctuations; strategic loans, investments and transactions we have 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 FLO TV network and FLO^™ technology; as well as the other risks detailed from time-to-time in our SEC reports.

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Qualcomm is a registered trademark of Qualcomm Incorporated. FLO and FLO TV are trademarks of Qualcomm Incorporated. CDMA2000 is a registered trademark of the Telecommunications Industry Association (TIA USA). All other trademarks are the property of their respective owners.

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 13 of 18

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

		Three Months Ended March 29, 2009
						Estimated
						Share-Based								In-Process
		Pro Forma				Compensation				Tax Items				R&D				QSI				GAAP
Revenues:
Equipment and services		$	1,404			$	—			$	—			$	—			$	8			$	1,412
Licensing and royalty fees			1,043				—				—				—				—				1,043
Total revenues			2,447				—				—				—				8				2,455
Operating expenses:
Cost of equipment and services revenues			690				10				—				—				38				738
Research and development			506				68				—				6				24				604
Selling, general and administrative			289				62				—				—				24				375
Litigation settlement			748	(a)			—				—				—				—				748	(a)
Total operating expenses			2,233				140				—				6				86				2,465
Operating income (loss)			214				(140	)			—				(6	)			(78	)			(10	)
Investment loss, net			(67)	(b)			—				—				—				(24)	(c)			(91	)
(Loss) income before income taxes			147				(140	)			—				(6	)			(102	)			(101	)
Income tax (expense) benefit			(193	) (d)			(5	) (e)			(36	) (e)			—				46	(f)			(188	) (d)
Net loss		$	(46	)		$	(145	)		$	(36	)		$	(6	)		$	(56	)		$	(289	)
Loss per common share:
Diluted		$	(0.03	)		$	(0.09	)		$	(0.02	)		$	(0.00	)		$	(0.03	)		$	(0.18	)
Shares used in per share calculations:
Diluted			1,651				1,651				1,651				1,651				1,651				1,651
Supplemental Financial Data:
Operating cash flow		$	1,359			$	(16)	(h)		$	—			$	—			$	(80	)		$	1,263
Operating cash flow as a % of revenues			56	%															N/M				51	%
Free cash flow (g)		$	1,153			$	(16	) (h)		$	—			$	—			$	(108	)		$	1,029
Free cash flow as a % of revenues			47	%															N/M				42	%

Qualcomm Announces Second Quarter Fiscal 2009 Results		Page 14 of 18

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

		Six Months Ended March 29, 2009
						Estimated
						Share-Based								In-Process
		Pro Forma				Compensation				Tax Items				R&D				QSI				GAAP
Revenues:
Equipment and services		$	2,822			$	—			$	—			$	—			$	13			$	2,835
Licensing and royalty fees			2,137				—				—				—				—				2,137
Total revenues			4,959				—				—				—				13				4,972
Operating expenses:
Cost of equipment and services revenues			1,399				20				—				—				74				1,493
Research and development			1,017				137				—				6				47				1,207
Selling, general and administrative			595				128				—				—				66				789
Litigation settlement			748	(a)			—				—				—				—				748	(a)
Total operating expenses			3,759				285				—				6				187				4,237
Operating income (loss)			1,200				(285	)			—				(6	)			(174	)			735
Investment loss, net			(359	) (b)			—				—				—				(26	) (c)			(385	)
Income (loss) before income taxes			841				(285	)			—				(6	)			(200	)			350
Income tax (expense) benefit			(369	) (d)			42	(e)			(36	) (e)			—				65	(f)			(298	) (d)
Net income (loss)		$	472			$	(243	)		$	(36	)		$	(6	)		$	(135	)		$	52
Earnings (loss) per common share:
Diluted		$	0.28			$	(0.15	)		$	(0.02	)		$	(0.00	)		$	(0.08	)		$	0.03
Shares used in per share calculations:
Diluted			1,665				1,665				1,665				1,665				1,665				1,665
Supplemental Financial Data:
Operating cash flow		$	4,988			$	(32	) (h)		$	—			$	—			$	(192	)		$	4,764
Operating cash flow as a % of revenues			101	%															N/M				96	%
Free cash flow (g)		$	4,573			$	(32	) (h)		$	—			$	—			$	(245	)		$	4,296
Free cash flow as a % of revenues			92	%															N/M				86	%