Excluding the results of its Qualcomm Strategic Initiatives segment, an investment in Vesper, a Brazilian carrier the company plans to sell, earnings came to $236 million, or 29 cents per share, down from $250 million, or 31 cents per share, a year earlier.
The company said that in response to market demands, it plans to increase its research and development spending in 2004. Qualcomm spent $143 million on R&D in the fourth quarter, up 30 percent from last year.
For the full year, Qualcomm reported net income of $827 million, or $1.01 per share, up from $360 million, or 44 cents per share for fiscal 2002. Total revenue in fiscal 2003 was $3.97 billion, compared to $3.04 billion in 2002.