Qualcomm has issued its first quarter results for the 3 months ending March 31st, showing an increase of revenue to $2.22 billion, up 21 percent year-on-year and 10 percent sequentially. Net income increased a corresponding amount, coming in at $726 million, or 22 percent year-on-year and 12 percent sequentially. Qualcomm raised its guidance for fiscal 2007 revenue due to “stronger than expected chipset demand”.

—MediaFLO Expenses: Qualcomm’s spending on R&D increased 16 percent year-on-year to 454 million, with most of it going on MediaFLO.

—Nokia Battle: Qualcomm’s selling, general and administrative expenses increased 60 percent year-on-year mainly due to legal fees, as well as employee related expenses and bad debt. The earnings release notes: “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.” Qualcomm earned 38.3 percent of its revenue from licensings and royalty fees this quarter, $851 million.

Earnings Release PDF