Exhibit 99.1

FOR IMMEDIATE RELEASE

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

Qualcomm Announces Second Quarter Fiscal 2010 Results
Revenues $2.7 Billion, EPS $0.46
Pro Forma EPS $0.59

Raises Fiscal 2010 Earnings Guidance

SAN DIEGO — April 21, 2010 — 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 2010 ended March 28, 2010.

“We delivered strong financial results this quarter, driven by healthy 3G device shipments and greater than expected demand for our chipsets. 3G subscribers have now surpassed 1 billion worldwide and with the 3G auction process underway in India, the 3G footprint continues to expand globally,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “Calendar year 2010 3G device shipments are progressing in line with our expectations, and although we’re continuing to operate in a competitive chipset pricing environment, we’re positioned to continue to grow share through new partner engagements and our broad, industry-leading 3G chipset roadmap. Our business is executing well and we are pleased to be raising our earnings guidance for the fiscal year.”

Second Quarter Results (GAAP)

	•		Revenues: $2.66 billion, compared to $2.46 billion in the prior year and $2.67 billion in the prior quarter.
	•		Operating income: $776 million, compared to an operating loss of $10 million in the prior year* and operating income of $879 million in the prior quarter.
	•		Net income: $774 million, compared to a net loss of $289 million in the prior year* and net income of $841 million in the prior quarter.
	•		Diluted earnings per share: $0.46, compared to a diluted loss per share of $0.18 in the prior year* and diluted earnings per share of $0.50 in the prior quarter.
	•		Effective tax rate: 20 percent for the quarter.

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 2 of 19

	•		Operating cash flow: $793 million, down 37 percent year-over-year; 30 percent of revenues.
	•		Return of capital to stockholders: $1.99 billion, including $279 million, or $0.17 per share, of cash dividends paid, and $1.71 billion to repurchase 43.9 million shares of our common stock.

Pro Forma Second Quarter Results

Pro forma results exclude the Qualcomm Strategic Initiatives (QSI) segment, certain share-based compensation, certain tax items that are not related to the current year and acquired in-process research and development (R&D) expense.

	•		Revenues: $2.66 billion, compared to $2.45 billion in the prior year and $2.67 billion in the prior quarter.
	•		Operating income: $1.07 billion, compared to $214 million in the prior year* and $1.13 billion in the prior quarter.
	•		Net income: $989 million, compared to a net loss of $46 million in the prior year* and net income of $1.04 billion in the prior quarter.
	•		Diluted earnings per share: $0.59, compared to a diluted loss per share of $0.03 in the prior year* and diluted earnings per share of $0.62 in the prior quarter. The current quarter excludes $0.05 loss per share attributable to the QSI segment, $0.06 loss per share attributable to certain share-based compensation and $0.02 loss per share attributable to certain tax items.
	•		Effective tax rate: 21 percent for the quarter.
	•		Free cash flow: $823 million, down 29 percent year-over-year; 31 percent of revenues (defined as net cash from operating activities less capital expenditures).

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.

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 3 of 19

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled approximately $18.2 billion at the end of the second quarter of fiscal 2010, compared to $18.9 billion at the end of the first quarter of fiscal 2010 and $14.0 billion a year ago. On April 8, 2010, we announced a cash dividend of $0.19 per share payable on June 25, 2010 to stockholders of record as of May 28, 2010.

Research and Development

($ in millions)		Pro Forma				Share-Based Compensation				In-Process R&D				QSI				GAAP
Second quarter fiscal 2010		$	547			$	75			$	3			$	23			$	648
As a % of revenues			21	%											N/M				24	%
Second quarter fiscal 2009		$	506			$	68			$	6			$	24			$	604
As a % of revenues			21	%											N/M				25	%
Year-over-year change ($)			8	%			10	%			N/M				(4	%)			7	%

Pro forma R&D expenses increased 8 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 primarily related to our FLO TV^™ subsidiary.

Selling, General and Administrative

($ in millions)		Pro Forma				Share-Based Compensation				QSI				GAAP
Second quarter fiscal 2010		$	305			$	69			$	56			$	430
As a % of revenues			11	%							N/M				16	%
Second quarter fiscal 2009		$	289			$	62			$	24			$	375
As a % of revenues			12	%							N/M				15	%
Year-over-year change ($)			6	%			11	%			133	%			15	%

Pro forma selling, general and administrative (SG&A) expenses increased 6 percent year-over-year, primarily due to an increase in patent-related costs. QSI SG&A expenses increased 133 percent year-over-year, primarily due to an increase in selling and marketing expenses related to FLO TV.

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 4 of 19

Effective Income Tax Rate

Our fiscal 2010 effective income tax rates are estimated to be approximately 21 percent for GAAP and approximately 21 to 22 percent for pro forma. Our estimate of the fiscal 2010 GAAP effective tax rate includes tax expense of approximately $130 million that arises because deferred revenue related to the 2008 license and settlement agreements with Nokia is taxable in fiscal 2010, but the resulting deferred tax asset will reverse in future years when our state tax rate will be lower as a result of California tax legislation enacted in 2009. This tax expense was excluded from our pro forma results to provide a clearer understanding of our ongoing tax rate and after tax earnings.

Qualcomm Strategic Initiatives

The QSI segment is composed of our strategic investments, including FLO TV. GAAP results for the second quarter of fiscal 2010 included a $0.05 diluted loss per share for the QSI segment. The second quarter of fiscal 2010 QSI results included $134 million in operating expenses, primarily related to FLO TV.

Business Outlook and Description of Changes to QTL Metrics

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.

As a result of our analysis of information recently received from licensee audits and public disclosures concerning licensee market share, unit shipments and average selling prices (ASPs) as well as our evaluation of the evolving CDMA-based device industry (particularly the growth of the modem card/module device segment), we have adjusted some of the underlying assumptions used to estimate licensee unit shipments and ASPs, which we believe will improve our estimates. Also, beginning with this earnings release, we will provide investors with the total subscriber device sales reported to us by subscriber licensees during the relevant period, without adjustment for the differences in how licensees report sales information (e.g., some licensees report selling prices net of permitted deductions, such as transportation, insurance and packing costs, while other licensees do not). We believe the changes referenced

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 5 of 19

above will continue to help investors understand important trends in our licensing business. We plan to discuss these changes in greater detail on our earnings call beginning at 1:45pm Pacific Time today.

For comparative purposes only, we are providing a table herein entitled “Changes to QTL Metrics” to show for fiscal 2009 and for the first quarter of fiscal 2010: 1) total reported subscriber device sales; 2) our prior ASP estimates and subscriber device shipment estimates; and 3) ASP estimates and subscriber device shipment estimates applying our adjusted estimation assumptions.

Our outlook does not include provisions for the consequences of injunctions, damages or fines related to any pending legal matters unless awarded or imposed by a court, governmental entity or other regulatory body. 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. While we do not forecast impairments, we have temporary unrealized losses on marketable securities that could be recognized as other-than-temporary losses in future periods if financial conditions affecting those securities do not improve. 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 presented below is consistent with the presentation of pro forma results elsewhere herein.

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 6 of 19

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

Qualcomm’s Business Outlook Summary

THIRD FISCAL QUARTER

		Current Guidance
		Q3 FY10 Estimates
Pro Forma
Revenues		$2.50B - $2.70B
Year-over-year change		decrease 2% - 9%
Diluted earnings per share (EPS)		$0.51 - $0.55
Year-over-year change		decrease 6% - increase 2%
GAAP
Revenues		$2.50B - $2.70B
Year-over-year change		decrease 2% - 9%
Diluted EPS		$0.40 - $0.44
Year-over-year change		decrease 9% - even
Diluted EPS attributable to QSI		($0.02)
Diluted EPS attributable to share-based compensation		($0.07)
Diluted EPS attributable to certain tax items (1)		($0.02)
Metrics
MSM shipments		approx. 97M - 102M
Year-over-year change		increase 3% - 9%
Total reported device sales (2)		$24.0B - $26.0B*
Year-over-year change		increase 13% - 23%
*Est. sales in March quarter, reported in June quarter

FISCAL YEAR

		Current Guidance
		FY 2010 Estimates
Pro Forma
Revenues		$10.40B - $11.00B
Year-over-year change		even - increase 6%
Diluted EPS		$2.21 - $2.32
Year-over-year change		increase 69% - 77%
GAAP
Revenues		$10.40B - $11.00B
Year-over-year change		even - increase 6%
Diluted EPS		$1.71 - $1.82
Year-over-year change		increase 80% - 92%
Diluted EPS attributable to QSI		($0.15)
Diluted EPS attributable to share-based compensation		($0.27)
Diluted EPS attributable to certain tax items (1)		($0.08)
Metrics
Est. fiscal year* CDMA-based device average selling price range (2)		approx. $182 - $188
*Shipments in Sept. to June quarters, reported in Dec. to Sept. quarters

CALENDAR YEAR Device Estimates (2)

		Current Guidance
		Calendar 2010
		Estimates
Est. CDMA-based device shipments
March quarter		not provided
June quarter		not provided
September quarter		not provided
December quarter		not provided
Est. Calendar year range (approx.)			600M - 650M
		Midpoint
Est. total CDMA-based units		approx. 625M
Est. CDMA units		approx. 236M
Est. WCDMA units		approx. 389M

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 7 of 19

Changes to QTL Metrics

		Fiscal 2009																				Fiscal 2010
		Q1				Q2				Q3				Q4				FY09				Q1
Total reported device sales (in billions)(1)		$	26.6			$	25.8			$	21.2			$	24.9			$	98.5			$	24.5
Est. CDMA-based device ASP, previously reported(2)		$	212			$	201			$	191			$	196			$	200			$	184
Adjustment			2				5				5				7				5				8
Midpoint(3) of est. CDMA-based device ASP range(2) (applying adjusted assumptions)		$	214			$	206			$	196			$	203			$	205			$	192
Est. CDMA-based device ASP range (applying adjusted assumptions)(2)		$	211-$217			$	203-$209			$	193-$199			$	200-$206			$	202-$208			$	189-$195
Est. CDMA-based device shipments, previously reported (2)			125				128				111				127				492				133
Adjustment			(1	)			(3	)			(3	)			(5	)			(12	)			(5	)
Midpoint(3) of est. CDMA-based device shipments range(2) (applying adjusted assumptions)			124				125				108				122				480				128
Est. CDMA-based device shipments range (applying adjusted assumptions)(2)			122-126				123-127				106-110				120-124				472-488				126-130

Note : Fiscal year device shipments by licensees occur in the September to June quarters and are reported to Qualcomm in the December to September fiscal quarters, one quarter in arrears.

Sums may not equal total due to rounding.

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 8 of 19

Results of Business Segments (in millions, except per share data):

														Pro Forma				Pro				Share-Based								In-
														Reconciling				Forma				Compensation				Tax Items				Process
SEGMENTS		QCT				QTL				QWI				Items (1)(5)				(5)				(2)				(3)				R&D				QSI (4)				GAAP (5)
Q2 – FISCAL 2010
Revenues		$	1,537			$	974			$	152				($2	)		$	2,661			$	—			$	—			$	—			$	2			$	2,663
Change from prior year			17	%			2	%			(14	%)			N/M				9	%															(75	%)			8	%
Change from prior quarter			(4	%)			6	%			7	%			N/M				(0	%)															0	%			(0	%)
Operating income (loss)																		$	1,065				($154	)		$	—				($3	)			($132	)		$	776
Change from prior year																			398	%			(10	%)							N/M				(69	%)			N/M
Change from prior quarter																			(6	%)			(2	%)							N/A				(27	%)			(12	%)
EBT		$	344			$	821				($1	)		$	94			$	1,258				($154	)		$	—				($3	)			($136	)		$	965
Change from prior year			59	%			(2	%)			N/M				N/M				N/M				(10	%)							N/M				(33	%)			N/M
Change from prior quarter			(19	%)			6	%			N/M				N/M				(4	%)			(2	%)							N/A				(27	%)			(8	%)
EBT as a % of revenues			22	%			84	%			(1	%)			N/M				47	%			N/M								N/M				N/M				36	%
Net income (loss)																		$	989				($98	)			($33	)			($3	)			($81	)		$	774
Change from prior year																			N/M				32	%			N/M				N/M				(45	%)			N/M
Change from prior quarter																			(5	%)			14	%			N/M				N/A				(50	%)			(8	%)
Diluted EPS																		$	0.59				($0.06	)			($0.02	)		$	—				($0.05	)		$	0.46
Change from prior year																			N/M				33	%			N/M				N/M				(67	%)			N/M
Change from prior quarter																			(5	%)			14	%			N/M				N/A				(67	%)			(8	%)
Diluted shares used																			1,678				1,678				1,678				1,678				1,678				1,678
Q1 – FISCAL 2010
Revenues		$	1,608			$	917			$	142			$	1			$	2,668			$	—			$	—			$	—			$	2			$	2,670
Operating income (loss)																			1,134				(151	)			—				—				(104	)			879
EBT			425				772				9				104				1,310				(151	)			—				—				(107	)			1,052
Net income (loss)																			1,041				(114	)			(32	)			—				(54	)			841
Diluted EPS																		$	0.62				($0.07	)			($0.02	)		$	—				($0.03	)		$	0.50
Diluted shares used																			1,691				1,691				1,691				1,691				1,691				1,691
Q2 – FISCAL 2009
Revenues		$	1,316			$	954			$	176			$	1			$	2,447			$	—			$	—			$	—			$	8			$	2,455
Operating income (loss)																			214				(140	)			—				(6	)			(78	)			(10	)
EBT			217				839				25				(934	)			147				(140	)			—				(6	)			(102	)			(101	)
Net loss																			(46	)			(145	)			(36	)			(6	)			(56	)			(289	)
Diluted EPS																			($0.03	)			($0.09	)			($0.02	)		$	—				($0.03	)			($0.18	)
Diluted shares used																			1,651				1,651				1,651				1,651				1,651				1,651
Q3 – FISCAL 2009
Revenues		$	1,786			$	807			$	148			$	3			$	2,744			$	—			$	—			$	—			$	9			$	2,753
Operating income (loss)																			1,122				(151	)			—				—				(77	)			894
EBT			548				663				(3	)			(7	)			1,201				(151	)			—				—				(66	)			984
Net income (loss)																			903				(127	)			—				—				(39	)			737
Diluted EPS																		$	0.54				($0.08	)		$	—			$	—				($0.02	)		$	0.44
Diluted shares used																			1,675				1,675				1,675				1,675				1,675				1,675
6 MONTHS — FISCAL 2010
Revenues		$	3,144			$	1,891			$	294			$	0			$	5,329			$	—			$	—			$	—			$	4			$	5,333
Change from prior year			19	%			(4	%)			(15	%)			N/M				7	%															(69	%)			7	%
Operating income (loss)																		$	2,198				($304	)		$	—				($3	)			($236	)		$	1,655
Change from prior year																			83	%			(7	%)											(36	%)			125	%
EBT		$	769			$	1,594			$	8			$	195			$	2,566				($304	)		$	—				($3	)			($243	)		$	2,016
Change from prior year			100	%			(7	%)			(71	%)			N/M				205	%			(7	%)							N/M				(22	%)			476	%
Net income (loss)																		$	2,030				($211	)			($65	)			($3	)			($136	)		$	1,615
Change from prior year																			330	%			13	%			N/M				N/M				(1	%)			N/M
Diluted EPS																		$	1.21				($0.13	)			($0.04	)		$	—				($0.08	)		$	0.96
Change from prior year																			332	%			13	%			N/M				N/M				0	%			N/M
Diluted shares used																			1,685				1,685				1,685				1,685				1,685				1,685
6 MONTHS — FISCAL 2009
Revenues		$	2,650			$	1,961			$	346			$	2			$	4,959			$	—			$	—			$	—			$	13			$	4,972
Operating income (loss)																			1,200				(285	)			—				(6	)			(174	)			735
EBT			385				1,713				28				(1,285	)			841				(285	)			—				(6	)			(200	)			350
Net income (loss)																			472				(243	)			(36	)			(6	)			(135	)			52
Diluted EPS																		$	0.28				($0.15	)			($0.02	)		$	—				($0.08	)		$	0.03
Diluted shares used																			1,665				1,665				1,665				1,665				1,665				1,665
FISCAL YEAR 2009
Revenues		$	6,135			$	3,605			$	641			$	6			$	10,387			$	—			$	—			$	—			$	29			$	10,416
Operating income (loss)																			3,153				(584	)			—				(6	)			(337	)			2,226
EBT			1,441				3,068				20				(1,502	)			3,027				(584	)			—				(6	)			(361	)			2,076
Net income (loss)																			2,187				(455	)			118				(6	)			(252	)			1,592
Diluted EPS																		$	1.31				($0.27	)		$	0.07			$	—				($0.15	)		$	0.95
Diluted shares used																			1,673				1,673				1,673				1,673				1,673				1,673

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 9 of 19

	(1)		Pro forma reconciling items related to revenues consist primarily of other nonreportable segment revenues less intersegment eliminations. Pro forma reconciling items related to earnings before taxes consist primarily of certain investment income or losses, research and development expenses, sales and marketing expenses and other operating expenses that are not allocated to the segments for management reporting purposes, nonreportable segment results and the elimination of intersegment profit.
	(2)		Certain share-based compensation is included in operating expenses as part of employee-related costs but is not allocated to the Company’s segments as such costs are not considered relevant by management in evaluating segment performance.
	(3)		During the first and second quarters of fiscal 2010, the Company recorded $32 million and $33 million in state tax expense, respectively, or $0.02 diluted loss per share for each quarter, that arises because deferred revenue related to the license and settlement agreements with Nokia is taxable in fiscal 2010 but the resulting deferred tax asset will reverse in future years when the Company’s state tax rate will be lower.
	(4)		At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the pro forma tax provision, the tax items column and the tax provision related to share-based compensation from the GAAP tax provision.
	(5)		Fiscal 2009 results included a $783 million charge related to a litigation settlement and patent agreement with Broadcom Corporation, including $748 million recorded in the second quarter of fiscal 2009 and $35 million recorded in the fourth quarter of 2009. The fourth quarter of fiscal 2009 results also included a $230 million charge related to a fine that had been announced by the Korea Fair Trade Commission.

N/M — Not Meaningful

Sums may not equal totals due to rounding.

Conference Call

Qualcomm’s second quarter fiscal 2010 earnings conference call will be broadcast live on April 21, 2010 beginning at 1:45 p.m. Pacific Time (PT) on the Company’s web site at: www.qualcomm.com. This conference call may contain forward-looking financial information and 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 21, 2010, beginning at approximately 5:30 p.m. PT through May 21, 2010 at 9:00 p.m. PT. 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 5349272. 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 (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

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 10 of 19

Index, the S&P 500 Index and is a 2010 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 (loss), net investment income (loss), income (loss) 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 share-based compensation, certain tax items 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. 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 stock 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 that were recorded in reported earnings in each

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 11 of 19

fiscal year presented, but were unrelated to the fiscal year in which they were recorded, are excluded in order to provide a clearer understanding of the Company’s ongoing pro forma 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 GAAP results and pro forma results 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 and adoption of, and demand for, our technologies in wireless networks and of wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA, TD-SCDMA and OFDMA both domestically and internationally; the 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

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 12 of 19

these proceedings; our dependence on major customers and licensees; 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; the development and commercial acceptance of the mirasol^® display technology; foreign currency fluctuations; strategic investments and transactions we have or may pursue; as well as the other risks detailed from time-to-time in our SEC reports, including the report on Form 10-K for the year ended September 27, 2009 and most recent Form 10-Q. The Company undertakes no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

###

Qualcomm is a registered trademark of Qualcomm Incorporated. FLO TV and FLO are trademarks of Qualcomm Incorporated. mirasol is a registered trademark of Qualcomm MEMS Technologies, Inc. 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 2010 Results		Page 13 of 19

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 28, 2010
						Share-Based								In-Process
		Pro Forma				Compensation				Tax Items				R&D				QSI				GAAP
Revenues:
Equipment and services		$	1,593			$	—			$	—			$	—			$	2			$	1,595
Licensing and royalty fees			1,068				—				—				—				—				1,068
Total revenues			2,661				—				—				—				2				2,663
Operating expenses:
Cost of equipment and services revenues			744				10				—				—				55				809
Research and development			547				75				—				3				23				648
Selling, general and administrative			305				69				—				—				56				430
Total operating expenses			1,596				154				—				3				134				1,887
Operating income (loss)			1,065				(154	)			—				(3	)			(132	)			776
Investment income (loss), net			193	(a)			—				—				—				(4)	(b)			189
Income (loss) before income taxes			1,258				(154	)			—				(3	)			(136	)			965
Income tax (expense) benefit			(269)	(c)			56				(33)	(e)			—				55	(d)			(191)	(c)
Net income (loss)		$	989			$	(98	)		$	(33	)		$	(3	)		$	(81	)		$	774
Earnings (loss) per common share:
Diluted		$	0.59			$	(0.06	)		$	(0.02	)		$	(0.00	)		$	(0.05	)		$	0.46
Shares used in per share calculations:
Diluted			1,678				1,678				1,678				1,678				1,678				1,678
Supplemental Financial Data:
Operating Cash Flow		$	908			$	(18)	(g)		$	—			$	—			$	(97	)		$	793
Operating Cash Flow as a % of Revenues			34	%															N/M				30	%
Free Cash Flow (f)		$	823			$	(18)	(g)		$	—			$	—			$	(120	)		$	685
Free Cash Flow as a % of Revenues			31	%															N/M				26	%

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 14 of 19

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 28, 2010
						Share-Based								In-Process
		Pro Forma				Compensation				Tax Items				R&D				QSI				GAAP
Revenues:
Equipment and services		$	3,253			$	—			$	—			$	—			$	4			$	3,257
Licensing and royalty fees			2,076				—				—				—				—				2,076
Total revenues			5,329				—				—				—				4				5,333
Operating expenses:
Cost of equipment and services revenues			1,502				21				—				—				101				1,624
Research and development			1,049				147				—				3				45				1,244
Selling, general and administrative			580				136				—				—				94				810
Total operating expenses			3,131				304				—				3				240				3,678
Operating income (loss)			2,198				(304	)			—				(3	)			(236	)			1,655
Investment income (loss), net			368	(a)			—				—				—				(7)	(b)			361
Income (loss) before income taxes			2,566				(304	)			—				(3	)			(243	)			2,016
Income tax (expense) benefit			(536)	(c)			93				(65)	(e)			—				107	(d)			(401)	(c)
Net income (loss)		$	2,030			$	(211	)		$	(65	)		$	(3	)		$	(136	)		$	1,615
Earnings (loss) per common share:
Diluted		$	1.21			$	(0.13	)		$	(0.04	)		$	(0.00	)		$	(0.08	)		$	0.96
Shares used in per share calculations:
Diluted			1,685				1,685				1,685				1,685				1,685				1,685
Supplemental Financial Data:
Operating cash flow		$	2,246			$	(31)	(g)		$	—			$	—			$	(183	)		$	2,032
Operating cash flow as a % of revenues			42	%															N/M				38	%
Free cash flow (f)		$	2,094			$	(31)	(g)		$	—			$	—			$	(227	)		$	1,836
Free cash flow as a % of revenues			39	%															N/M				34	%

Qualcomm Announces Second Quarter Fiscal 2010 Results		Page 15 of 19

Qualcomm Incorporated
Reconciliation of Pro Forma Free Cash Flows to
Net Cash Provided by Operating Activities (GAAP)
and other supplemental disclosures
(In millions)
(Unaudited)

		Three Months Ended March 28, 2010
						Share-Based				Tax				In-Process
		Pro Forma				Compensation				Items				R&D				QSI				GAAP
Net cash provided (used) by operating activities		$	908			$	(18	)(a)		$	—			$	—			$	(97	)		$	793
Less: capital expenditures			(85	)			—				—				—				(23	)			(108	)
Free cash flow		$	823			$	(18	)		$	—			$	—			$	(120	)		$	685
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	1			$	—			$	—			$	—			$	(1	)		$	—
Cash transfers to QSI (2)			(130	)			—				—				—				130				—
Net cash transfers		$	(129	)		$	—			$	—			$	—			$	129			$	—