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 2011 Results
Record Revenues $3.9 Billion
GAAP EPS $0.59, Non-GAAP EPS $0.86

— Raises Fiscal 2011 Revenue and Earnings Guidance —

SAN DIEGO — April 20, 2011 — 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 2011 ended March 27, 2011.

“We are pleased to report record quarterly revenues, and we are raising our revenue and earnings guidance for the year as the demand for smartphones across an array of geographies and tiers continues to grow,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “In addition, we have resolved the second of the two previously disclosed licensee disputes. We continue to execute on our strategic priorities as our partners deploy our technologies and solutions to offer leading wireless products and services to consumers worldwide.”

Second Quarter Results (GAAP)

	•		Revenues: $3.88 billion, up 46 percent year-over-year (y-o-y) and 16 percent sequentially.
	•		Operating income: $1.07 billion, up 38 percent y-o-y and down 3 percent sequentially.
	•		Net income:1 $999 million, up 29 percent y-o-y and down 15 percent sequentially.
	•		Diluted earnings per share:1 $0.59, up 28 percent y-o-y and down 17 percent sequentially.
	•		Effective tax rate: 21 percent for the quarter.
	•		Operating cash flow: $1.77 billion, up 123 percent y-o-y; 46 percent of revenues.

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 2 of 19

•

Return of capital to stockholders: $316 million, or $0.19 per share, of cash dividends paid.

Non-GAAP Second Quarter Results

Non-GAAP 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: $3.87 billion, up 45 percent y-o-y and 16 percent sequentially.
	•		Operating income: $1.65 billion, up 55 percent y-o-y and 17 percent sequentially.
	•		Net income: $1.45 billion, up 47 percent y-o-y and 8 percent sequentially.
	•		Diluted earnings per share: $0.86, up 46 percent y-o-y and 5 percent sequentially. The current quarter excludes $0.18 loss per share attributable to the QSI segment and $0.09 loss per share attributable to certain share-based compensation.
	•		Effective tax rate: 22 percent for the quarter.
	•		Free cash flow: $1.85 billion, up 125 percent y-o-y; 48 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 Non-GAAP results are included at the end of this news release.

In the comparisons summarized above, the following should be noted with respect to results for the second quarter of fiscal 2011: GAAP and Non-GAAP results included $401 million in revenues related to prior quarters as a result of agreements entered into with two licensees to settle ongoing disputes, including an arbitration proceeding with Panasonic Mobile Communications Co. Ltd.; GAAP results included $310 million in expenses in the QSI segment related to the FLO TV^TM restructuring plan; and GAAP and Non-GAAP results included $120 million in impairment charges related to our Firethorn division, including $114 million in goodwill impairment.

Second Quarter Key Business Metrics

•

CDMA-based Mobile Station ModemTM (MSMTM) shipments: approximately 118 million units, up 27 percent y-o-y and flat sequentially.

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 3 of 19

•

December quarter total reported device sales: approximately $40.0 billion, up 44 percent y-o-y and 18 percent sequentially.

•

December quarter estimated CDMA-based device shipments: approximately 195 to 200 million units, at an estimated average selling price of approximately $200 to $206 per unit.

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled approximately $22.1 billion at the end of the second quarter of fiscal 2011, compared to $19.1 billion at the end of the first quarter of fiscal 2011 and $18.2 billion a year ago. On April 7, 2011, we announced a cash dividend of $0.215 per share payable on June 24, 2011 to stockholders of record as of May 27, 2011.

On January 5, 2011, we announced that we had entered into a definitive agreement under which we intend to acquire Atheros Communications, Inc. for $45 per share in cash, which represented an enterprise value of approximately $3.1 billion on that date. The transaction has received the approval of Atheros’ stockholders and certain foreign regulators, and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired. The completion of the merger remains subject to the satisfaction of certain closing conditions, including the receipt of an additional foreign regulatory approval. We continue to expect the merger to close in the third quarter of fiscal 2011.

Research and Development

						Share-Based				In-Process
($ in millions)		Non-GAAP				Compensation				R&D				QSI				GAAP
Second quarter fiscal 2011		$	633			$	98			$	6			$	3			$	740
As a % of revenues			16	%											N/M				19	%
Second quarter fiscal 2010		$	547			$	75			$	3			$	23			$	648
As a % of revenues			21	%											N/M				24	%
Year-over-year change ($)			16	%			31	%			N/M				(87	%)			14	%

N/M — Not Meaningful

Non-GAAP R&D expenses increased 16 percent y-o-y primarily due to an increase in costs related to the development of integrated circuit products, next-generation CDMA and OFDMA technologies and other initiatives to support the acceleration of advanced wireless products and

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 4 of 19

services. QSI R&D expenses decreased 87 percent y-o-y primarily due to the shut down of our FLO TV business and network.

Selling, General and Administrative

						Share-Based
($ in millions)		Non-GAAP				Compensation				QSI				GAAP
Second quarter fiscal 2011		$	432			$	87			$	66			$	585
As a % of revenues			11	%							N/M				15	%
Second quarter fiscal 2010		$	305			$	69			$	56			$	430
As a % of revenues			11	%							N/M				16	%
Year-over-year change ($)			42	%			26	%			18	%			36	%

Non-GAAP selling, general and administrative (SG&A) expenses increased 42 percent y-o-y primarily due to an increase in charitable donations, employee-related costs and professional fees. QSI SG&A expenses increased 18 percent y-o-y primarily due to increased costs related to the shut down of our FLO TV business and network.

Effective Income Tax Rate

Our fiscal 2011 effective income tax rates are estimated to be approximately 17 percent for GAAP and approximately 21 percent for Non-GAAP. The second quarter rates of 21 percent for GAAP and 22 percent for Non-GAAP are higher than the estimated annual rates primarily due to additional U.S. income resulting from the settlement of ongoing disputes with two licensees during the second quarter of fiscal 2011.

Qualcomm Strategic Initiatives

The QSI segment manages our strategic investment activities, including FLO TV, and makes strategic investments in early-stage and other companies and in wireless spectrum, such as the Broadband Wireless Access (BWA) spectrum won in the India auction. GAAP results for the second quarter of fiscal 2011 included an $0.18 loss per share for the QSI segment. The second quarter of fiscal 2011 QSI results included $376 million in operating expenses and restructuring charges primarily related to FLO TV.

We have agreed to sell substantially all of our 700 MHz spectrum for $1.9 billion, subject to the satisfaction of customary closing conditions, including approval by the U.S. Federal Communications Commission. The agreement follows our previously announced plan to

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 5 of 19

restructure and evaluate strategic options related to the FLO TV business and network. Under the restructuring plan, the FLO TV business and network were shut down on March 27, 2011, and we are no longer pursuing the MediaFLO Technologies business. Restructuring activities under this plan were initiated in the fourth quarter of fiscal 2010 and are expected to be substantially complete by the end of fiscal 2012. The spectrum was classified as held for sale at March 27, 2011.

In the second quarter of fiscal 2011, restructuring and restructuring-related charges related to this plan included in QSI results were $310 million. We estimate that we will incur future restructuring and restructuring-related charges associated with this plan of up to $65 million, which are primarily related to lease exit and other costs.

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.

Our outlook does not include provisions for future asset impairments or 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. Further, due to their nature, certain income and expense items, such as realized investment gains or losses, or gains and losses on certain derivative instruments, cannot be accurately forecast. Accordingly, we only include such items in our business outlook to the extent they are reasonably certain; however, actual results may vary materially from the business outlook.

In addition to our ongoing operating costs, our business outlook for fiscal 2011 includes restructuring and restructuring-related charges attributable to FLO TV that are currently expected to be incurred.

We have not included any estimates related to the Atheros business in our third fiscal quarter or fiscal 2011 outlook. The transaction is expected to close in the third quarter of fiscal 2011.

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 6 of 19

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

Qualcomm Announces Second Quarter Fiscal 2011 Results				Page 7 of 19

Qualcomm’s Business Outlook Summary

THIRD FISCAL QUARTER

		Q3 FY10				Current Guidance
		Results				Q3 FY11 Estimates
Non-GAAP
Revenues			$2.70B				$3.35B - $3.65B
Year-over-year change						increase 24% - 35%
Diluted earnings per share (EPS)			$0.57				$0.68 - $0.72
Year-over-year change						increase 19% - 26%
GAAP
Revenues			$2.71B				$3.35B - $3.65B
Year-over-year change						increase 24% - 35%
Diluted EPS			$0.47				$0.60 - $0.64
Year-over-year change						increase 28% - 36%
Diluted EPS attributable to QSI			$0.00				$0.00
Diluted EPS attributable to share-based compensation			($0.07	)			($0.08	)
Diluted EPS attributable to certain tax items			($0.03	)			$0.00
Metrics
MSM shipments		approx. 103M				approx. 115M - 119M
Year-over-year change						increase 12% - 16%
Total reported device sales (1)			$25.2B	*			$35.5B - $38.5B	*
Year-over-year change						increase 41% - 53%
Est. CDMA-based devices shipped (1)		approx. 134M - 138M		*		not provided
Est. CDMA-based device average selling price (1)		approx. $183 - $189		*		not provided

FISCAL YEAR

FY 2010

Prior Guidance

Current Guidance

Results

FY 2011 Estimates

FY 2011 Estimates

Non-GAAP

Revenues

$10.98B

$13.6B - $14.2B

$14.1B - $14.7B

Year-over-year change

increase 24% - 29%

increase 28% - 34%

Diluted EPS

$2.46

$2.91 - $3.05

$3.05 - $3.13

Year-over-year change

increase 18% - 24%

increase 24% - 27%

GAAP

Revenues

$10.99B

$13.6B - $14.2B

$14.1B - $14.7B

Year-over-year change

increase 24% - 29%

increase 28% - 34%

Diluted EPS

$1.96

$2.32 - $2.46

$2.51 - $2.59

Year-over-year change

increase 18% - 26%

increase 28% - 32%

Diluted EPS attributable to QSI

($0.13

)

($0.27

)

($0.22

)

Diluted EPS attributable to share-based compensation

($0.27

)

($0.33

)

($0.33

)

Diluted EPS attributable to certain tax items

($0.10

)

$0.01

$0.01

Diluted EPS attributable to in-process R&D

$0.00

$0.00

$0.00

Metrics

Est. fiscal year* CDMA-based device average selling price range (1)

approx. $183 - $189

approx. $190 - $200

approx. $199 - $209

CALENDAR YEAR Device Estimates (1)

		Prior Guidance		Current Guidance		Prior Guidance		Current Guidance
		Calendar 2010		Calendar 2010		Calendar 2011		Calendar 2011
		Estimates		Estimates		Estimates		Estimates
Est. CDMA-based device shipments
March quarter		approx. 134M - 138M		approx. 134M - 138M		not provided		not provided
June quarter		approx. 153M - 157M		approx. 153M - 157M		not provided		not provided
September quarter		approx. 165M - 169M		approx. 165M - 169M		not provided		not provided
December quarter		not provided		approx. 195M - 200M		not provided		not provided
Est. Calendar year range (2) (approx.)		640M - 660M		646M - 663M		750M - 800M		750M - 800M
		Midpoint		Midpoint		Midpoint		Midpoint
Est. total CDMA-based units		approx. 650M		approx. 655M		approx. 775M		approx. 775M
Est. CDMA units		approx. 238M		approx. 238M		approx. 250M		approx. 250M
Est. WCDMA units		approx. 412M		approx. 417M		approx. 525M		approx. 525M

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 8 of 19

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

														Non-GAAP																In-
														Reconciling								Share-Based								Process
SEGMENTS		QCT				QTL				QWI				Items (1)				Non-GAAP				Compensation				Tax Items (2)				R&D				QSI (3)				GAAP
Q2 — FISCAL 2011
Revenues		$	1,962			$	1,746			$	157			$	5			$	3,870			$	—			$	—			$	—			$	5			$	3,875
Change from prior year			28	%			79	%			3	%			N/M				45	%															150	%			46	%
Change from prior quarter			(7	%)			65	%			(9	%)			N/M				16	%															N/M				16	%
Operating income (loss)																		$	1,652				($202	)		$	—				($6	)			($371	)		$	1,073
Change from prior year																			55	%			(31	%)							N/M				(181	%)			38	%
Change from prior quarter																			17	%			(17	%)							N/A				(177	%)			(3	%)
EBT		$	417			$	1,575			$	(135	)		$	13			$	1,870				($202	)		$	—				($6	)			($404	)		$	1,258
Change from prior year			21	%			92	%			N/M				N/M				49	%			(31	%)							N/M				(197	%)			30	%
Change from prior quarter			(35	%)			77	%			N/M				N/M				13	%			(17	%)							N/A				(154	%)			(5	%)
EBT as a % of revenues			21	%			90	%			N/M				N/M				48	%			N/M								N/M				N/M				32	%
Net income (loss)																		$	1,450				($146	)			($3	)			($6	)			($296	)		$	999
Change from prior year																			47	%			(49	%)			N/M				N/M				(265	%)			29	%
Change from prior quarter																			8	%			(26	%)			N/M				N/A				(240	%)			(15	%)
Diluted EPS																		$	0.86				($0.09	)		$	—			$	—				($0.18	)		$	0.59
Change from prior year																			46	%			(50	%)			N/M				N/M				(260	%)			28	%
Change from prior quarter																			5	%			(29	%)			N/M				N/A				(260	%)			(17	%)
Diluted shares used																			1,689				1,689				1,689				1,689				1,689				1,689
Q1 — FISCAL 2011
Revenues		$	2,116			$	1,057			$	172			$	3			$	3,348			$	—			$	—			$	—			$	—			$	3,348
Operating income (loss)																			1,416				(172	)			—				—				(134	)			1,110
EBT			640				892				—				128				1,660				(172	)			—				—				(159	)			1,329
Net income (loss)																			1,345				(116	)			28				—				(87	)			1,170
Diluted EPS																		$	0.82				($0.07	)		$	0.02			$	—				($0.05	)		$	0.71
Diluted shares used																			1,648				1,648				1,648				1,648				1,648				1,648
Q2 — FISCAL 2010
Revenues		$	1,537			$	974			$	152				($2	)		$	2,661			$	—			$	—			$	—			$	2			$	2,663
Operating income (loss)																			1,065				(154	)			—				(3	)			(132	)			776
EBT			344				821				(1	)			94				1,258				(154	)			—				(3	)			(136	)			965
Net income (loss)																			989				(98	)			(33	)			(3	)			(81	)			774
Diluted EPS																		$	0.59				($0.06	)			($0.02	)		$	—				($0.05	)		$	0.46
Diluted shares used																			1,678				1,678				1,678				1,678				1,678				1,678
Q3 — FISCAL 2010
Revenues		$	1,691			$	847			$	162			$	—			$	2,700			$	—			$	—			$	—			$	6			$	2,706
Operating income (loss)																			991				(149	)			—				—				(50	)			792
EBT			404				673				6				78				1,161				(149	)			—				—				(41	)			971
Net income (loss)																			936				(111	)			(54	)			—				(4	)			767
Diluted EPS																		$	0.57				($0.07	)			($0.03	)		$	—			$	—			$	0.47
Diluted shares used																			1,642				1,642				1,642				1,642				1,642				1,642
6 MONTHS — FISCAL 2011
Revenues		$	4,078			$	2,803			$	329			$	7			$	7,217			$	—			$	—			$	—			$	5			$	7,222
Change from prior year			30	%			48	%			12	%			N/M				35	%															25	%			35	%
Operating income (loss)																		$	3,067				($373	)			—				($6	)			($506	)		$	2,182
Change from prior year																			40	%			(23	%)			N/M				N/M				(114	%)			32	%
EBT		$	1,057			$	2,467				($135	)		$	139			$	3,528				($373	)			—				($6	)			($563	)		$	2,586
Change from prior year			37	%			55	%			N/M				N/M				37	%			(23	%)			N/M				N/M				(132	%)			28	%
Net income (loss)																		$	2,794				($262	)		$	25				($6	)			($383	)		$	2,168
Change from prior year																			38	%			(24	%)			N/M				N/M				(182	%)			34	%
Diluted EPS																		$	1.67				($0.16	)		$	0.01			$	—				($0.23	)		$	1.30
Change from prior year																			38	%			(23	%)			N/M				N/M				(188	%)			35	%
Diluted shares used																			1,669				1,669				1,669				1,669				1,669				1,669
6 MONTHS — FISCAL 2010
Revenues		$	3,144			$	1,891			$	294			$	—			$	5,329			$	—			$	—			$	—			$	4			$	5,333
Operating income (loss)																			2,198				(304	)			—				(3	)			(236	)			1,655
EBT			769				1,594				8				195				2,566				(304	)			—				(3	)			(243	)			2,016
Net income (loss)																			2,030				(211	)			(65	)			(3	)			(136	)			1,615
Diluted EPS																		$	1.21				($0.13	)			($0.04	)		$	—				($0.08	)		$	0.96
Diluted shares used																			1,685				1,685				1,685				1,685				1,685				1,685
12 MONTHS — FISCAL 2010
Revenues		$	6,695			$	3,659			$	628			$	—			$	10,982			$	—			$	—			$	—			$	9			$	10,991
Operating income (loss)																			4,316				(614	)			—				(3	)			(416	)			3,283
EBT			1,693				3,020				12				361				5,086				(614	)			—				(3	)			(435	)			4,034
Net income (loss)																			4,071				(442	)			(159	)			(3	)			(220	)			3,247
Diluted EPS																		$	2.46				($0.27	)			($0.10	)		$	—				($0.13	)		$	1.96
Diluted shares used																			1,658				1,658				1,658				1,658				1,658				1,658

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 9 of 19

N/M — Not Meaningful

N/A — Not Applicable

Sums may not equal totals due to rounding.

Conference Call

Qualcomm’s second quarter fiscal 2011 earnings conference call will be broadcast live on April 20, 2011, beginning at 1:30 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 20, 2011, beginning at approximately 5:00 p.m. PT through May 20, 2011 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 56703245. An audio replay of the conference call will be available on the Company’s web site at www.qualcomm.com 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 world leader in 3G and next-generation mobile technologies. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of wireless communications, connecting people more closely to information, entertainment and each other. Today, Qualcomm technologies are powering the convergence

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 10 of 19

of mobile communications and consumer electronics, making wireless devices and services more personal, affordable and accessible to people everywhere. For more information, please visit www.qualcomm.com

Note Regarding Use of Non-GAAP Financial Measures

The Company presents Non-GAAP 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. Non-GAAP 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 Non-GAAP 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 Non-GAAP financial measures applicable to the Company and its business segments.

Non-GAAP 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. 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 fiscal year

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 11 of 19

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 Non-GAAP tax rate and after tax earnings. In fiscal 2009, the Company included the benefit of the retroactive extension of the federal R&D tax credit in Non-GAAP results because it had previously occurred with relative frequency and was included in the Company’s business outlook for fiscal 2009 as the credit had been extended prior to the release of the fiscal 2009 business outlook. In fiscal 2011, however, the Company did not include the benefit of the retroactive extension of the federal R&D tax credit in Non-GAAP results because the Company had not included the potential extension of the credit in its previously released fiscal 2011 business outlook due to uncertainty as to whether and when the federal R&D tax credit would be retroactively extended. 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 stockholder 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 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, “Non-GAAP” is not a term defined by GAAP, and, as a result, the Company’s measure of Non-GAAP results might be different than similarly titled measures used by other companies. Reconciliations between GAAP results and Non-GAAP results are presented in the following tables.

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

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 12 of 19

technologies in wireless networks and wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA, TD-SCDMA and OFDMA; 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; competition; our dependence on major customers and licensees; attacks on our licensing business model, including results of current and future litigation and arbitration proceedings, as well as actions of governmental or quasi-governmental bodies, and the costs we incur in connection therewith, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; our dependence on third-party manufacturers and suppliers; foreign currency fluctuations; strategic investments and transactions we have or may pursue; defects or errors in our products and services; the development and commercial success of our QMT division’s mirasol^® display technology; 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 26, 2010 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. Mobile Station Modem, MSM, FLO TV and MediaFLO 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 2011 Results		Page 13 of 19

Qualcomm Incorporated
Supplemental Information for the Three Months Ended March 27, 2011
(Unaudited)

		Non-GAAP				Share-Based				Tax				In-process								GAAP
($ in millions except per share data)		Results				Compensation				Items				R&D				QSI				Results
R&D		$	633			$	98			$	—			$	6			$	3			$	740
SG&A			432				87				—				—				66				585
Operating income (loss)			1,652	(a)			(202	)			—				(6	)			(371	)			1,073
Investment income (loss), net			217	(b)			—				—				—				(32	)(c)			185
Tax rate			22	%			N/M				N/M				N/M				N/M				21	%
Net income (loss)		$	1,450			$	(146	)		$	(3	)(d)		$	(6	)		$	(296	)		$	999
Diluted earnings (loss) per share (EPS)		$	0.86			$	(0.09	)		$	—			$	—			$	(0.18	)		$	0.59
Operating cash flow		$	1,926			$	(87	)		$	—			$	—			$	(71	)		$	1,768
Operating cash flow as % of revenues			50	%			N/A				N/A								N/M				46	%
Free cash flow (e)		$	1,851			$	(87	)		$	—			$	—			$	(75	)		$	1,689
Free cash flow as a % of revenues			48	%			N/A				N/A								N/M				44	%

N/M — Not Meaningful

N/A — Not Applicable

Sums may not equal totals due to rounding.

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 14 of 19

Qualcomm Incorporated
Supplemental Information for the Six Months Ended March 27, 2011
(Unaudited)

		Non-GAAP				Share-Based				Tax				In-process								GAAP
($ in millions except per share data)		Results				Compensation				Items				R&D				QSI				Results
R&D		$	1,193			$	184			$	—			$	6			$	28			$	1,411
SG&A			774				159				—				—				89				1,022
Operating income (loss)			3,067	(a)			(373	)			—				(6	)			(506	)			2,182
Investment income (loss), net			462	(b)			—				—				—				(58	)(c)			404
Tax rate			21	%			N/M				N/M				N/M				N/M				16	%
Net income (loss)		$	2,794			$	(262	)		$	25	(d)		$	(6	)		$	(383	)		$	2,168
Diluted earnings (loss) per share (EPS)		$	1.67			$	(0.16	)		$	0.01			$	—			$	(0.23	)		$	1.30
Operating cash flow		$	2,153			$	(132	)		$	—			$	—			$	(205	)		$	1,816
Operating cash flow as % of revenues			30	%			N/A				N/A								N/M				25	%
Free cash flow (e)		$	1,978			$	(132	)		$	—			$	—			$	(211	)		$	1,635
Free cash flow as a % of revenues			27	%			N/A				N/A								N/M				23	%

N/M — Not Meaningful

N/A — Not Applicable

Sums may not equal totals due to rounding.

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 15 of 19

Qualcomm Incorporated
Reconciliation of Non-GAAP Free Cash Flows to
Net Cash Provided by Operating Activities (GAAP)
and Other Supplemental Disclosures
(In millions)
(Unaudited)

		Three Months Ended March 27, 2011
						Share-Based
		Non-GAAP				Compensation				QSI				GAAP
Net cash provided (used) by operating activities		$	1,926			$	(87	)(a)		$	(71	)		$	1,768
Less: capital expenditures			(75	)			—				(4	)			(79	)
Free cash flow		$	1,851			$	(87	)		$	(75	)		$	1,689
Revenues		$	3,870			$	—			$	5			$	3,875
Free cash flow as a % of revenues			48	%			N/A				N/M				44	%
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	63			$	—			$	(63	)		$	—
Cash transfers to QSI (2)			(87	)			—				87				—
Net cash transfers		$	(24	)		$	—			$	24			$	—

		Six Months Ended March 27, 2011
						Share-Based
		Non-GAAP				Compensation				QSI				GAAP
Net cash provided (used) by operating activities		$	2,153			$	(132	)(a)		$	(205	)		$	1,816
Less: capital expenditures			(175	)			—				(6	)			(181	)
Free cash flow		$	1,978			$	(132	)		$	(211	)		$	1,635
Revenues		$	7,217			$	—			$	5			$	7,222
Free cash flow as a % of revenues			27	%			N/A				N/M				23	%
Other supplemental cash disclosures:
Cash transfers from QSI (1)		$	71			$	—			$	(71	)		$	—
Cash transfers to QSI (2)			(241	)			—				241				—
Net cash transfers		$	(170	)		$	—			$	170			$	—

		Three Months Ended March 28, 2010
						Share-Based
		Non-GAAP				Compensation				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

		Six Months Ended March 28, 2010
						Share-Based
		Non-GAAP				Compensation				QSI				GAAP
Net cash provided (used) by operating activities		$	2,246			$	(31	)(a)		$	(183	)		$	2,032
Less: capital expenditures			(152	)			—				(44	)			(196	)
Free cash flow		$	2,094			$	(31	)		$	(227	)		$	1,836

N/M — Not Meaningful

N/A — Not Applicable

Qualcomm Announces Second Quarter Fiscal 2011 Results		Page 16 of 19

Qualcomm Incorporated
Reconciliation of Non-GAAP Tax Rate to GAAP Tax Rate
(in millions)
(Unaudited

		Three Months Ended March 27, 2011
		Non-GAAP				Share-Based				Tax Items				In-Process								GAAP
		Results				Compensation				(a)				R&D				QSI (b)				Results
Income (loss) before income taxes		$	1,870			$	(202	)		$	—			$	(6	)		$	(404	)		$	1,258
Income tax (expense) benefit			(420	)			56				(3	)			—				104				(263	)
Net income (loss)			1,450				(146	)			(3	)			(6	)			(300	)			995
Net loss attributable to noncontrolling interests			—				—				—				—				4				4
Net income attributable to Qualcomm		$	1,450			$	(146	)		$	(3	)		$	(6	)		$	(296	)		$	999
Tax rate			22	%			28	%			N/A				N/M				N/M				21	%