This week, two benchmark companies in the field of Internet of Things released their latest performance reports. On April 18, ZTE announced its first quarter 2017 results report, achieving operating income of 25.745 billion yuan, an increase of 17.78% year-on-year. The net profit of the shareholders was 1.214 billion yuan, a year-on-year increase of 27.81%; the basic earnings per share was 0.29 yuan.
On April 20, Qualcomm released its second fiscal quarter financial report for the fiscal year 2017. The report showed that Qualcomm's second-quarter net profit was $700 million, down 36% from $1.2 billion in the same period last year; revenue was $5 billion, down 10% from $5.6 billion in the same period last year. Qualcomm's second-quarter results exceeded Wall Street analysts' expectations and pushed its share price to rise more than 1% after the close.
ZTE is working in the wireless field. ZTE and its partners have completed pre-commercial verification of Massive MIMO products based on FDD, and deployed more than 40 Pre5G networks in 30 countries around the world. At the beginning of this year, ZTE launched a full range of 5G high and low frequency pre-commercial base station products. It is expected that commercial pre-deployment of 5G will begin in the third quarter of 2018, and commercial deployment of 5G scale will be realized in the first quarter of 2019. More than 180 Virtualized Commercial/PoC projects were deployed globally and the commercial-grade Carrier DevOps platform was demonstrated.
Qualcomm's second-quarter results exceeded Wall Street analysts' expectations and pushed its share price to rise more than 1% after the close.
In the fiscal quarter ended March 26, Qualcomm's net profit was $700 million, down 36% from $1.2 billion in the same period last year and 10% from $700 million in the previous quarter; diluted earnings per share were $0.50, down 36% from $0.78 in the same period last year and up 9% from $0.46 in the previous quarter. Qualcomm's second-quarter operating profit was $700 million, down 48% from $1.4 billion in the same period last year and down 6% from $800 million in the previous quarter.
Excluding special one-off items (not in accordance with US GAAP), Qualcomm's second-quarter net profit was $2 billion, up 28% from $1.6 billion in the same period last year and up from $1.8 billion in the previous quarter. 12%; diluted earnings per share was $1.34, up 29% from $1.04 in the same period last year and 13% from $1.19 in the previous quarter, which exceeded analyst expectations. According to data provided by financial information provider FactSet, analysts had expected Qualcomm's second-quarter earnings per share to be $1.19.
Qualcomm's second-quarter revenue was $5 billion, down 10% from $5.6 billion in the same period last year and 16% from $6 billion in the previous quarter. Not in accordance with US GAAP, Qualcomm's second-quarter revenue was $6 billion, up 8% from $5.5 billion in the same period last year, and flat compared to $6 billion in the previous quarter. This performance also exceeded analysts. expected. According to data provided by FactSet, analysts had previously expected Qualcomm's second-quarter revenue to be $5.86 billion.
Qualcomm's second-quarter revenue from equipment and services was $3.689 billion, up from $3.349 billion in the same period last year; revenue from authorized revenues was $1.327 billion, down from $2.202 billion in the same period last year. Qualcomm's total operating costs and expenses for the second quarter were $4.287 billion, up from $4.136 billion in the same period last year. Among them, the revenue cost was 2.208 billion US dollars, higher than the 2.141 billion US dollars in the same period of last year; the research and development expenditure was 1.386 billion US dollars, higher than the 1.301 billion US dollars in the same period last year; the sales, general and administrative expenses were 615 million US dollars, lower than the same period last year. $619 million; other expenses were $78 million, up from $75 million in the same period last year.
Qualcomm CDMA Technology Group's second-quarter revenue was $3.676 billion, up 10% year-on-year, down 10% from the previous quarter; pre-tax profit was $475 million, up 179% year-on-year, down 34% from the previous quarter. . Qualcomm Technology Authorized Group's second-quarter revenue was US$2.249 billion, up 5% year-on-year and 24% from the previous quarter. Profit before tax was US$1.959 billion, up 5% year-on-year and 28% from the previous quarter. .
Qualcomm's second-quarter operating cash flow was $800 million, up 11% from $700 million in the same period last year and down 41% from $1.4 billion in the previous quarter. As of the end of the second fiscal quarter of fiscal 2017, Qualcomm held cash, cash equivalents and marketable securities totaling $28.9 billion, compared to $30 billion at the end of the second fiscal quarter of fiscal 2016, as of fiscal year 2017. At the end of the fiscal quarter, it was $29.8 billion. In February 2017, Qualcomm completed the formation of a joint venture RF360 Holdings Singapore Pte. Ltd. The plan resulted in a $1.2 billion cash payment in the second quarter.
Qualcomm's second-quarter effective income tax rate is 13%, and the effective income tax rate is not 15% in accordance with US GAAP. Qualcomm expects an effective income tax rate of approximately 17% for FY2017 and an effective income tax rate of approximately 17% for non-GAAP.
Qualcomm returned a total of $1.1 billion in cash to shareholders in the second fiscal quarter of fiscal 2017, which returned $782 million, or about $0.53 per share, in a cash dividend, and repurchased 4.8 million shares of common stock. This form returned $283 million in cash to shareholders. Qualcomm announced on April 12, 2017 that the company will distribute a cash dividend of $0.57 per share to shareholders, up 7.5% from the previous quarterly dividend, which will be available from June 21, 2017 to 2017. Issued by the registered shareholders at the end of the business hours on May 31.
Qualcomm expects third-quarter fiscal 2017 revenue to be $5.3 billion to $6.1 billion, down 12% from the $6 billion in the same period last year to a 1% increase, less than expected; diluted earnings per share from $0.67 to $0.92 , down 5% to 31% from $0.97 in the same period last year; diluted earnings per share not in accordance with US GAAP ranged from $0.90 to $1.15, down 1% to 22% from $1.16 in the same period of the previous year, which is less than the value expected. According to Yahoo Finance statistics, 21 analysts on average expected Qualcomm's third-quarter revenue of 5.96 billion US dollars, 22 analysts on average expected Qualcomm's third-quarter earnings per share of 1.11 US dollars.
On the same day, Qualcomm shares fell 0.06 US dollars in the Nasdaq regular trading, closing at 52.61 US dollars, a decrease of 0.11%. In the after-hours trading as of 17:20 EST (5:20 Beijing time on the 20th), Qualcomm shares rose $0.78 to $53.39, or 1.48%. In the past 52 weeks, Qualcomm's highest price was $71.62 and the lowest price was $50.11.
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