Qualcomm Inc. (Nasdaq:QCOM) reported fourth quarter net income in line with expectations Wednesday and said earnings-per-share growth for 2004 would be flat compared to 2003. The company said net income for the three months ending Sept. 28 rose 53 percent to $291 million, or 35 cents per share, from $190 million, or 23 cents per share, in the same period last year. Revenue in the quarter was $909 million, up 4 percent from $874 million in 2003.
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.
