SAN DIEGO, July 22 --

- Revenues US$2.8 Billion, EPS US$0.44

- Pro Forma EPS US$0.54

- Raises Fiscal 2009 Revenue and Operating Income Guidance

Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of
advanced wireless technologies, products and services, today announced results
for the third quarter of fiscal 2009 ended June 28, 2009.

Third Quarter Results (GAAP) - Revenues: US$2.75 billion, compared to US$2.76
billion in the prior year and US$2.46 billion in the prior quarter. - Operating
income: US$894 million, compared to US$824 million in the prior year and an
operating loss of US$10 million in the prior quarter.* - Net income: US$737
million, compared to US$748 million in the prior year and a net loss of US$289
million in the prior quarter.* - Diluted earnings per share: US$0.44, compared
to US$0.45 in the prior year and diluted loss per share of US$0.18 in the prior
quarter.* - Effective tax rate: 25 percent for the quarter. Fiscal 2009
estimated tax rate of approximately 33 percent. - Operating cash flow: US$1.09
billion, up 47 percent year-over-year; 39 percent of revenues. - Return of
capital to stockholders: US$282 million, or US$0.17 per share of cash dividends
paid.

* The second quarter of fiscal 2009 results reflected a US$748 million
litigation settlement charge related to a settlement and patent agreement with
Broadcom Corporation.

Pro Forma Third Quarter Results

Pro forma results exclude the Qualcomm Strategic Initiatives (QSI) segment,
certain estimated share-based compensation, certain tax items related to prior
years and acquired in-process research and development (RD) expense.

- Revenues: US$2.74 billion, compared to US$2.76 billion in the prior year and
US$2.45 billion in the prior quarter. - Operating income: US$1.12 billion,
compared to US$1.06 billion in the prior year and US$214 million in the prior
quarter.* - Net income: US$903 million, compared to US$915 million in the prior
year and a net loss of US$46 million in the prior quarter.* - Diluted earnings
per share: US$0.54, compared to US$0.55 in the prior year and diluted loss per
share of US$0.03 in the prior quarter.* The current quarter excludes US$0.02
loss per share attributable to the QSI segment and US$0.08 loss per share
attributable to certain estimated share-based compensation. - Effective tax
rate: 25 percent for the quarter. Fiscal 2009 estimated tax rate of
approximately 29 percent. - Free cash flow: US$1.04 billion, up 23 percent
year-over-year; 38 percent of revenues (defined as net cash from operating
activities less capital expenditures).

* The second quarter of fiscal 2009 results reflected a US$748 million
litigation settlement charge related to a settlement and patent agreement with
Broadcom.

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.

We delivered a strong quarter as the worldwide migration to 3G-enabled products
and services remains robust, said Dr. Paul E. Jacobs, chairman and CEO of
Qualcomm. Our revenues were at the high end of our prior guidance, and our
operating income exceeded our prior guidance. Our financial results reflect a
record quarter for MSM chipset shipments, strong licensing and royalty revenues
based on healthy end market demand in the March quarter and a 5 percent
year-over-year reduction in combined RD and SGA expenses.

Despite the global economic uncertainty, we anticipate another strong quarter
for our chipset shipments in the fourth fiscal quarter. We believe the CDMA
inventory channel has largely stabilized, yet remains near historically low
levels consistent with our prior forecast. We are raising our fiscal 2009
revenue and operating income estimates given the strong underlying fundamentals
of our business.

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled approximately
US$15.7 billion at the end of the third quarter of fiscal 2009, compared to
US$14.0 billion at the end of the second quarter of fiscal 2009 and US$11.2
billion a year ago. On July 8, 2009, we announced a cash dividend of US$0.17 per
share, payable on September 25, 2009 to stockholders of record at the close of
business on August 28, 2009.

We recorded net other-than-temporary impairments of US$112 million, or
approximately one percent of the recorded values of our cash, cash equivalents
and marketable securities at June 28, 2009. Our net unrealized losses on
marketable securities decreased by US$873 million during the third quarter of
fiscal 2009, due primarily to recent improvements in financial markets. As of
June 28, 2009, we had net unrealized losses on marketable securities of US$25
million as compared to US$898 million as of March 29, 2009.

Research and Development (All amounts in US Dollars unless otherwise noted)
Estimated Share-Based In-Process ($ in millions) Pro Forma Compensation RD QSI
GAAP --------- ------------ ---------- --- ---- Third quarter fiscal 2009 $523
$72 $- $23 $618 As a % of revenues 19% N/M 22% Third quarter fiscal 2008 $495
$64 $13 $24 $596 As a % of revenues 18% N/M 22% Year-over-year change($) 6% 13%
N/M (4%) 4% N/M - Not Meaningful

Pro forma RD expenses increased 6 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 RD expenses were related to our FLO TV(TM)
subsidiary.

Selling, General and Administrative Estimated Share-Based ($ in millions) Pro
Forma Compensation QSI GAAP --------- ------------ ------ ----- Third quarter
fiscal 2009 $285 $68 $24 $377 As a % of revenues 10% N/M 14% Third quarter
fiscal 2008 $357 $65 $31 $453 As a % of revenues 13% N/M 16% Year-over-year
change ($) (20%) 5% (23%) (17%)

Pro forma selling, general and administrative (SGA) expenses decreased by 20
percent year-over-year, primarily due to lower litigation-related activities and
cost reduction efforts. QSI SGA expenses were primarily related to FLO TV.

Effective Income Tax Rate

Our fiscal 2009 effective income tax rates are estimated to be 33 percent for
GAAP and 29 percent for pro forma. The third quarter effective tax rate of 25
percent for both GAAP and pro forma differ from the annual rates due to a $748
million pre-tax litigation settlement charge recorded in the second fiscal
quarter with a discrete tax benefit computed at a rate less than the United
States federal rate.

Qualcomm Strategic Initiatives

The QSI segment is composed of our strategic investments, including our FLO TV
subsidiary. GAAP results for the third quarter of fiscal 2009 included a $0.02
loss per share for the QSI segment. The third quarter of fiscal 2009 QSI results
included $86 million in operating expenses, primarily related to FLO TV.

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.

We expect that the uncertainty in the worldwide economy may continue to impact
demand for CDMA-based products in various regions. In addition, the weakness in
financial markets has had, and may continue to have, an impact on the value of
our marketable securities and net investment income. 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 market
conditions do not improve. Given the market volatility and the significant
judgments involved, accurately forecasting other-than-temporary impairments
associated with our marketable securities is extremely difficult and actual
results could vary materially. As a result, while we are providing revenue,
operating income and our other standard guidance, we are not providing earnings
per share guidance.

Moreover, our outlook does not include provisions for the consequences of
injunctions, damages or fines related to any pending legal matters. 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. 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.

We are advised that the Korea Fair Trade Commission (KFTC) will issue a
decision in our case shortly. This follows seven days of hearings which focused
on claims contained in the Examiners’ Report charging that certain of our
business practices in South Korea were anticompetitive. The practices at issue
relate to integration of certain functions on our chips as well as rebates and
discounts offered to our customers. The KFTC may order modifications to some or
all of those practices. However, until the order is issued, we are unable to
assess any impact. We are also anticipating that the KFTC will impose a fine
and, while we cannot estimate the amount or a reasonable range of potential
loss, we expect it will be substantial and could have a material impact on our
results of operations. This by no means reflects our view of the merits of the
case. We firmly believe that our practices do not violate South Korean
competition law, are grounded in sound business practice and are consistent with
our customers’ desires. In the event of an adverse decision and the
issuance of a formal order, which may take a number of months, we will seek a
stay and pursue all avenues of appeal.

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

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

Qualcomm’s Business Outlook Summary FOURTH FISCAL QUARTER
--------------------- Q4’08 Current Guidance Results(2) Q4’09
Estimates(3)
-------------------------------------------------------------------------- Pro
Forma Revenues $3.33B $2.55B - $2.75B Year-over-year change decrease 17% - 23%
Operating income $1.58B $0.95B - $1.05B Year-over-year change decrease 33% - 40%
-------------------------------------------------------------------------- GAAP
Revenues $3.33B $2.55B - $2.75B Year-over-year change decrease 18% - 24%
Operating income $1.34B $0.70B - $0.80B Year-over-year change decrease 40% - 48%
Operating income (loss) attributable to QSI ($0.10B) ($0.10B) Operating income
(loss) attributable to estimated share-based compensation ($0.15B) ($0.15B)
--------------------------------------------------------------------------
Metrics MSM shipments approx. 86M approx. 88M - 92M CDMA/WCDMA devices shipped
(1) approx. 119M* approx. 127M - 132M* CDMA/WCDMA device wholesale average
selling price (1) approx. $216* approx. $189* *Shipments in June quarter,
reported in Sept. quarter
--------------------------------------------------------------------------
FISCAL YEAR FY 2008 Prior Guidance Current Guidance Results FY 2009 Estimates(3)
FY 2009 Estimates(3)
-------------------------------------------------------------------------- Pro
Forma Revenues $11.13B $9.85B - $10.25B $10.25B - $10.45B Year-over-year change
decrease 8% - 12% decrease 6% - 8% Operating income $4.60B $2.95B - $3.15B
$3.30B - $3.40B Year-over-year change decrease 32% - 36% decrease 26% - 28%
-------------------------------------------------------------------------- GAAP
Revenues $11.14B $9.85B - $10.25B $10.25B - $10.45B Year-over-year change
decrease 8% - 12% decrease 6% - 8% Operating income $3.73B $1.95B - $2.15B
$2.34B - $2.44B Year-over-year change decrease 42% - 48% decrease 35% - 37%
Operating income (loss) attributable to QSI ($0.32B) ($0.39B) ($0.35B) Operating
income (loss) attributable to estimated share-based compensation ($0.54B)
($0.60B) ($0.60B) Operating income (loss) attributable to in-process RD ($0.01B)
($0.01B) ($0.01B)
--------------------------------------------------------------------------
Metrics Fiscal year* CDMA/WCDMA device wholesale average selling price (1)
approx. $219 approx. $199 approx. $199 * Shipments in Sept. to June quarters,
reported in Dec. to Sept. quarters
--------------------------------------------------------------------------
CALENDAR YEAR Device Estimates (1)
--------------------------------------------------------------------------
CDMA/WCDMA device shipments Prior Guidance Current Guidance Calendar 2008
Calendar 2009 Calendar 2009 Estimates Estimates Estimates
-------------------------------------------------------------------------- March
quarter approx. 107M approx. 109M - 111M approx. 111M June quarter approx. 119M
not provided approx. 127M - 132M September quarter approx. 125M not provided not
provided December quarter approx. 128M not provided not provided
--------------------------------------------------------------------------
Calendar year range (approx.) 480M 540M - 590M 540M - 590M
--------------------------------------------------------------------------
Midpoint Midpoint Midpoint CDMA/WCDMA units approx. 480M approx. 565M approx.
565M CDMA units approx. 216M approx. 217M approx. 217M WCDMA units approx. 264M
approx. 348M approx. 348M
-------------------------------------------------------------------------- (1)
CDMA/WCDMA device shipments and average selling prices are for estimated
worldwide device shipments, including shipments not reported to Qualcomm. (2)
The fourth quarter of fiscal 2008 results included $560 million in revenues, or
$0.20 diluted EPS, as a result of the execution of the license and settlement
agreements with Nokia. (3) While we do not forecast impairments, we do have
unrealized losses on marketable securities that could be recognized in future
periods if market conditions do not improve. Sums may not equal totals due to
rounding.

Results of Business Segments (in millions, except per share data): Third
Quarter - Fiscal Year 2009 Estimated Pro Forma Share- Reconciling Pro Based
Segments QCT QTL QWI Items (1) Forma Compensation(2) QSI(3) GAAP
--------------------------------------------------------------------------
Revenues $1,786 $807 $148 $3 $2,744 $- $9 $2,753
--------------------------------------------------------------------------
Change from prior year 1% 0% (22%) N/M (1%) 125% 0%
--------------------------------------------------------------------------
Change from prior quarter 36% (15%) (16%) N/M 12% 13% 12%
--------------------------------------------------------------------------
Operating income (loss) $1,122 $(151) $(77) $894
--------------------------------------------------------------------------
Change from prior year 6% (9%) 8% 8%
--------------------------------------------------------------------------
Change from prior quarter 424% (8%) 1% N/M
-------------------------------------------------------------------------- EBT
$548 $663 $(3) $(7) $1,201 $(151) $(66) $984
--------------------------------------------------------------------------
Change from prior year 13% (1%) N/M N/M 8% (9%) 20% 12%
--------------------------------------------------------------------------
Change from prior quarter 153% (21%) N/M N/M N/M (8%) 35% N/M
-------------------------------------------------------------------------- EBT
as a % of revenues 31% 82% (2%) N/M 44% N/M N/M 36%
-------------------------------------------------------------------------- Net
(loss) income $903 $(127) $(39) $737
--------------------------------------------------------------------------
Change from prior year (1%) (35%) 35% (1%)
--------------------------------------------------------------------------
Change from prior quarter N/M 12% 30% N/M
--------------------------------------------------------------------------
Diluted EPS $0.54 $(0.08) $(0.02) $0.44
--------------------------------------------------------------------------
Change from prior year (2%) (33%) 50% (2%)
--------------------------------------------------------------------------
Change from prior quarter N/M 11% 33% N/M
--------------------------------------------------------------------------
Diluted shares used 1,675 1,675 1,675 1,675
--------------------------------------------------------------------------

Second Quarter - Fiscal Year 2009 Pro Forma Reconciling Segments QCT QTL QWI
Items (1)(4) Pro Forma (4)
---------------------------------------------------------------------- Revenues
$1,316 $954 $176 $1 $2,447
---------------------------------------------------------------------- Operating
income (loss) 214
---------------------------------------------------------------------- EBT 217
839 25 (934) 147
---------------------------------------------------------------------- Net
(loss) income (46)
---------------------------------------------------------------------- Diluted
EPS $(0.03)
---------------------------------------------------------------------- Diluted
shares used 1,651
---------------------------------------------------------------------- Estimated
Share-Based In-Process Segments Compensation (2) Tax Items(5) RD QSI (3) GAAP
(4) -------------------------------------------------------------------------
Revenues $- $- $- $8 $2,455
-------------------------------------------------------------------------
Operating income (loss) (140) - (6) (78) (10)
------------------------------------------------------------------------- EBT
(140) - (6) (102) (101)
------------------------------------------------------------------------- Net
(loss) income (145) (36) (6) (56) (289)
-------------------------------------------------------------------------
Diluted EPS $(0.09) $(0.02) $- $(0.03) $(0.18)
-------------------------------------------------------------------------
Diluted shares used 1,651 1,651 1,651 1,651 1,651
------------------------------------------------------------------------- Third
Quarter - Fiscal Year 2008 Pro Forma Reconciling Segments QCT QTL QWI Items (1)
Pro Forma --------------------------------------------------------------------
Revenues $1,762 $803 $190 $3 $2,758
-------------------------------------------------------------------- Operating
income (loss) 1,060
-------------------------------------------------------------------- EBT 487 670
(1) (40) 1,116
-------------------------------------------------------------------- Net income
(loss) 915 --------------------------------------------------------------------
Diluted EPS $0.55
-------------------------------------------------------------------- Diluted
shares used 1,654
-------------------------------------------------------------------- Estimated
Share-Based In-Process Segments Compensation (2) RD QSI (3) GAAP
------------------------------------------------------------ Revenues $- $- $4
$2,762 ------------------------------------------------------------ Operating
income (loss) (139) (13) (84) 824
------------------------------------------------------------ EBT (139) (13) (82)
882 ------------------------------------------------------------ Net income
(loss) (94) (13) (60) 748
------------------------------------------------------------ Diluted EPS $(0.06)
$(0.01) $(0.04) $0.45
------------------------------------------------------------ Diluted shares used
1,654 1,654 1,654 1,654
------------------------------------------------------------

Fourth Quarter - Fiscal Year 2008 Pro Forma Reconciling Segments QCT QTL QWI
Items (1) Pro Forma
-------------------------------------------------------------------- Revenues
$1,761 $1,374 $190 $4 $3,329
-------------------------------------------------------------------- Operating
income (loss) 1,578
-------------------------------------------------------------------- EBT 449
1,247 (24) (315) 1,357
-------------------------------------------------------------------- Net income
(loss) 1,058
-------------------------------------------------------------------- Diluted EPS
$0.63 --------------------------------------------------------------------
Diluted shares used 1,678
-------------------------------------------------------------------- Estimated
Share-Based Segments Compensation(2) QSI(3) GAAP
------------------------------------------------- Revenues $- $5 $3,334
------------------------------------------------- Operating income (loss) (146)
(97) 1,335 ------------------------------------------------- EBT (146) (104)
1,107 ------------------------------------------------- Net income (loss) (98)
(82) 878 ------------------------------------------------- Diluted EPS $(0.06)
$(0.05) $0.52 ------------------------------------------------- Diluted shares
used 1,678 1,678 1,678 ------------------------------------------------- Twelve
Months - Fiscal Year 2008 Pro Forma Reconciling Segments QCT QTL QWI Items (1)
Pro Forma -------------------------------------------------------------------
Revenues $6,717 $3,622 $785 $6 $11,130
------------------------------------------------------------------- Operating
income (loss) 4,604
------------------------------------------------------------------- EBT 1,833
3,142 (1) (290) 4,684
------------------------------------------------------------------- Net income
(loss) 3,740 -------------------------------------------------------------------
Diluted EPS $2.25
------------------------------------------------------------------- Diluted
shares used 1,660
------------------------------------------------------------------- Estimated
Share-Based In-Process Segments Compensation(2) RD QSI GAAP
------------------------------------------------------------ Revenues $- $- $12
$11,142 ------------------------------------------------------------ Operating
income (loss) (540) (14) (320) 3,730
------------------------------------------------------------ EBT (540) (14)
(304) 3,826 ------------------------------------------------------------ Net
income (loss) (365) (13) (202) 3,160
------------------------------------------------------------ Diluted EPS $(0.22)
$(0.01) $(0.12) $1.90
------------------------------------------------------------ Diluted shares used
1,660 1,660 1,660 1,660
------------------------------------------------------------

Nine Months - Fiscal Year 2009 Pro Forma Reconciling Segments QCT QTL QWI Items
(1)(4) Pro Forma (4)
---------------------------------------------------------------------- Revenues
$4,436 $2,769 $494 $5 $7,704
---------------------------------------------------------------------- Change
from prior year (10%) 23% (17%) N/M (1%)
---------------------------------------------------------------------- Operating
income (loss) $2,323
---------------------------------------------------------------------- Change
from prior year (23%)
---------------------------------------------------------------------- EBT $933
$2,376 $25 $(1,292) $2,042
---------------------------------------------------------------------- Change
from prior year (33%) 25% 9% N/M (39%)
---------------------------------------------------------------------- Net
income (loss) $1,376
---------------------------------------------------------------------- Change
from prior year (49%)
---------------------------------------------------------------------- Diluted
EPS $0.82 ----------------------------------------------------------------------
Change from prior year (49%)
---------------------------------------------------------------------- Diluted
shares used 1,668
---------------------------------------------------------------------- Estimated
Share-Based In-Process Segments Compensation (2) Tax Items(5) RD QSI (3) GAAP
(4) --------------------------------------------------------------------------
Revenues $- $- $- $22 $7,726
--------------------------------------------------------------------------
Change from prior year 214% (1%)
--------------------------------------------------------------------------
Operating income (loss) $(436) $- $(6) $(251) $1,630
--------------------------------------------------------------------------
Change from prior year (11%) N/M (13%) (32%)
-------------------------------------------------------------------------- EBT
$(436) $- $(6) $(266) $1,334
--------------------------------------------------------------------------
Change from prior year (11%) N/M (33%) (51%)
-------------------------------------------------------------------------- Net
income (loss) $(370) $(36) $(6) $(174) $790
--------------------------------------------------------------------------
Change from prior year (39%) N/A N/M (45%) (65%)
--------------------------------------------------------------------------
Diluted EPS $(0.22) $(0.02) $- $(0.10) $0.47
--------------------------------------------------------------------------
Change from prior year (38%) N/A N/M (43%) (66%)
--------------------------------------------------------------------------
Diluted shares used 1,668 1,668 1,668 1,668 1,668
--------------------------------------------------------------------------

Nine Months - Fiscal Year 2008 Pro Forma Reconciling Segments QCT QTL QWI Items
(1) Pro Forma
--------------------------------------------------------------------- Revenues
$4,956 $2,248 $595 $2 $7,801
--------------------------------------------------------------------- Operating
income (loss) 3,025
--------------------------------------------------------------------- EBT 1,383
1,895 23 25 3,326
--------------------------------------------------------------------- Net income
(loss) 2,682
--------------------------------------------------------------------- Diluted
EPS $1.62 ---------------------------------------------------------------------
Diluted shares used 1,654
--------------------------------------------------------------------- Estimated
Share-Based In-Process Segments Compensation (2) RD QSI (3) GAAP
------------------------------------------------------------ Revenues $- $- $7
$7,808 ------------------------------------------------------------ Operating
income (loss) (394) (14) (223) 2,394
------------------------------------------------------------ EBT (394) (14)
(200) 2,718 ------------------------------------------------------------ Net
income (loss) (267) (13) (120) 2,282
------------------------------------------------------------ Diluted EPS $(0.16)
$(0.01) $(0.07) $1.38
------------------------------------------------------------ Diluted shares used
1,654 1,654 1,654 1,654
------------------------------------------------------------ (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 a
litigation settlement expense 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) 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
provisions related to estimated share-based compensation and in-process RD from
the GAAP tax provision. (4) The second quarter of fiscal 2009 included a $748
million litigation settlement charge related to a settlement and patent
agreement with Broadcom. (5) During the second quarter of fiscal 2009, the
Company recorded a tax expense related to the adjustment of net deferred tax
assets that were recorded in prior years to reflect the future impact of
California budget legislation enacted on February 20, 2009. Sums may not equal
totals due to rounding.

Conference Call

Qualcomm’s third quarter fiscal 2009 earnings conference call will be
broadcast live on July 22, 2009 beginning at 1:45 p.m. Pacific Daylight Time
(PDT) on the Company’s web site at: www.qualcomm.com. This conference call
may contain forward-looking financial information. The conference call 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 July 22, 2009, beginning at
approximately 5:30 p.m. PDT through August 22, 2009 at 9:00 p.m. PDT. To listen
to the replay, U.S. callers may dial +1-800-642-1687 and international callers
may dial +1-706-645-9291. U.S. and international callers should use reservation
number 16320448. 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.

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 SP 100 Index, the SP 500 Index and is a 2009 FORTUNE 500(R)
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, RD expenses, SGA 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
estimated share-based compensation, certain tax items related to prior years and
acquired in-process RD. 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. Estimated 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 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 related to prior years are excluded in order to provide a clearer
understanding of the Company’s ongoing pro forma tax rate and after tax
earnings. The Company decided to include the benefit of the retroactive
extension of the federal research and development tax credit in pro forma
results starting in fiscal 2009 because it recurs with relative frequency and
would have been included in the Company’s pro forma results for the prior
year if it had been reenacted in the prior fiscal year. Acquired in-process RD
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 our technologies in wireless networks and of
wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO,
WCDMA, HSPA and OFDMA both domestically and internationally; the current
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 these proceedings; our
dependence on major customers and licensees; foreign currency fluctuations;
strategic loans, investments and transactions we have or may pursue; 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(TM)
technology; as well as the other risks detailed from time-to-time in our SEC
reports.

Qualcomm is a registered trademark of Qualcomm Incorporated. FLO and FLO TV are
trademarks of Qualcomm Incorporated. CDMA2000 is a registered trademark of the
Telecommunications Industry Association (TIA USA). All other trademarks are the
property of their respective owners.

Qualcomm Contact: John Gilbert Phone: +1-858-658-4813 e-mail: ir@qualcomm.com
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 June 28, 2009
-------------------------------------------- Estimated Share-Based Pro Forma
Compensation QSI GAAP --------- ------------- -------- ------- Revenues:
Equipment and services $1,853 $- $9 $1,862 Licensing and royalty fees 891 - -
891 --------- ------------- -------- ------- Total revenues 2,744 - 9 2,753
--------- ------------- -------- ------- Operating expenses: Cost of equipment
and services revenues 814 11 39 864 Research and development 523 72 23 618
Selling, general and administrative 285 68 24 377 --------- -------------
-------- ------- Total operating expenses 1,622 151 86 1,859 ---------
------------- -------- ------- Operating income (loss) 1,122 (151) (77) 894
Investment income (loss), net: Total other-than-temporary impairment losses
(120) - (4) (124) Noncredit portion of losses recognized in other comprehensive
income 8 - - 8 --------- ------------- -------- ------- Net impairment losses
recognized in earnings (112) - (4) (116) Other investment income, net 191(a) -
15(b) 206 --------- ------------- -------- ------- Total investment income, net
79 - 11 90 --------- ------------- -------- ------- Income (loss) before income
taxes 1,201 (151) (66) 984 Income tax (expense) benefit (298)(c) 24 27(d)
(247)(c) --------- ------------- -------- ------- Net income (loss) $903 $(127)
$(39) $737 ========= ============= ======== ======= Earnings (loss) per common
share: Diluted $0.54 $(0.08) $(0.02) $0.44 ========= ============= =========
======= Shares used in per share calculations: Diluted 1,675 1,675 1,675 1,675
========= ============= ========= ======= Supplemental Financial Data:
--------------------------------------------------------------------------
Operating cash flow $1,157 $(22)(f) $(48) $1,087 Operating cash flow as a % of
revenues 42% N/M 39% Free cash flow (e) $1,039 $(22)(f) $(79) $938 Free cash
flow as a % of revenues 38% N/M 34%
--------------------------------------------------------------------------

(a) Included $130 million in interest and dividend income related to cash, cash
equivalents and marketable securities, which were not part of the
Company’s strategic investment portfolio, $73 million in net realized
gains on investments, partially offset by $7 million losses on derivatives and
$5 million in interest expense. (b) Included $17 million in net realized gains
on investments and $2 million in interest and dividend income, partially offset
by $3 million in interest expense and $1 million in equity in losses of
investees. (c) The third quarter effective tax rate of 25% for both GAAP and pro
forma differ from the annual rates of 33% and 29%, respectively, primarily due
to a $748 million pre-tax litigation settlement charge recorded in the second
fiscal quarter with a discrete tax benefit computed at a rate less than the
United States federal rate. (d) 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 provisions related to estimated
share-based compensation and in-process RD from the GAAP tax provision. (e) Free
cash flow is calculated as net cash provided by operating activities less
capital expenditures. Reconciliation of these amounts is included in the
Reconciliation of Pro Forma Free Cash Flows to Net Cash Provided by Operating
Activities (GAAP) and other supplemental disclosures for the three months ended
June 28, 2009, included herein. (f) Incremental tax benefits from stock options
exercised during the period.

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) Nine Months Ended June 28, 2009
------------------------------------------------------------ Estimated
Share-Based In-Process Pro Forma Compensation Tax Items RD QSI GAAP ---------
------------ --------- ---------- ------ ------- Revenues: Equipment and
services $4,676 $- $- $- $22 $4,698 Licensing and royalty fees 3,028 - - - -
3,028 --------- ------------ --------- ---------- ----- ------ Total revenues
7,704 - - - 22 7,726 --------- ------------ --------- ---------- ----- ------
Operating expenses: Cost of equipment and services revenues 2,213 30 - - 114
2,357 Research and development 1,541 209 - 6 70 1,826 Selling, general and
administrative 879 197 - - 89 1,165 Litigation settlement 748(a) - - - - 748(a)
--------- ------------ --------- ---------- ----- ------ Total operating
expenses 5,381 436 - 6 273 6,096 --------- ------------ --------- ----------
----- ------ Operating income (loss) 2,323 (436) - (6) (251) 1,630 Investment
loss, net: Total other- than-temporary impairment losses (707) - - - (18) (725)
Noncredit portion of loss recognized in other comprehensive income 8 - - - - 8
--------- ------------ --------- ---------- ----- ------ Net impairment losses
recognized in earnings (699) - - - (18) (717) Other investment income, net
418(b) - - - 3(c) 421 --------- ------------ --------- ---------- ----- ------
Total investment loss, net (281) - - - (15) (296) --------- ------------
--------- ---------- ----- ------ Income (loss) before income taxes 2,042 (436)
- (6) (266) 1,334 Income tax (expense) benefit (666)(d) 66(e) (36)(e) - 92(f)
(544)(d) --------- ------------ --------- -------- ----- ------ Net income
(loss) $1,376 $(370) $(36) $(6) $(174) $790 ========= ============ =========
======== ===== ======== Earnings (loss) per common share: Diluted $0.82 $(0.22)
$(0.02) $(0.00) $(0.10) $0.47 ========= ============ ========= ======== =====
======= Shares used in per share calculations: Diluted 1,668 1,668 1,668 1,668
1,668 1,668 ========= ============ ========= ======== ===== =======

Supplemental Financial Data:
--------------------------------------------------------------------------
Operating cash flow $6,145 $(54)(h) $- $- $(240) $5,851 Operating cash flow as a
% of revenues 80% N/M 76% Free cash flow (g) $5,612 $(54)(h) $- $- $(324) $5,234
Free cash flow as a % of revenues 73% N/M 68%
-------------------------------------------------------------------------- (a)
The second quarter of fiscal 2009 included a $748 million litigation settlement
charge related to a settlement and patent agreement with Broadcom. (b) Included
$387 million in interest and dividend income related to cash, cash equivalents
and marketable securities, which were not part of the Company’s strategic
investment portfolio, $35 million in net realized gains on investments and $5
million gains on derivatives, partially offset by $9 million in interest
expense. (c) Included $22 million in net realized gains on investments and $2
million in interest and dividend income, partially offset by $14 million in
equity in losses of investees and $7 million in interest expense. (d) The first
nine months of fiscal 2009 GAAP and pro forma effective tax rates of 41% and
33%, respectively, are higher than the estimated annual rates of 33% and 29%,
respectively, primarily due to a $748 million pre-tax litigation settlement
charge recorded in the second fiscal quarter with a discrete tax benefit
computed at a rate less than the United States federal rate. (e) During the
second quarter of fiscal 2009, the Company recorded a tax expense related to the
adjustment of net deferred tax assets that were recorded in prior years to
reflect the future impact of California budget legislation enacted on February
20, 2009. (f) 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 provisions related to estimated
share-based compensation and in-process RD from the GAAP tax provision. (g) Free
cash flow is calculated as net cash provided by operating activities less
capital expenditures. Reconciliation of these amounts is included in the
Reconciliation of Pro Forma Free Cash Flows to Net Cash Provided by Operating
Activities (GAAP) and other supplemental disclosures for the nine months ended
June 28, 2009, included herein. (h) Incremental tax benefits from stock options
exercised during the period.

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 June 28, 2009
-------------------------------------------------- Estimated In- Share-Based Tax
Process Pro Forma Compensation Items RD QSI GAAP --------- -------- ----- ---
---- ---- Net cash provided (used) by operating activities $1,157 $(22)(a) $- $-
$(48) $1,087 Less: capital expenditures (118) - - - (31) (149) ---------
-------- ----- --- ---- ---- Free cash flow $1,039 $(22) $- $- $(79) $938
========= ======== ===== === ==== ==== Other supplemental cash disclosures: Cash
transfers from QSI (1) $3 $- $- $- $(3) $- Cash transfers to QSI (2) (88) - - -
88 $- --------- -------- ----- --- ---- ---- Net cash transfers $(85) $- $- $-
$85 $- ========= ======== ===== === ==== ==== Nine Months Ended June 28, 2009
------------------------------------------------- Estimated In- Share-Based Tax
Process Pro Forma Compensation Items RD QSI GAAP --------- -------- ----- ---
---- ---- Net cash provided (used) by operating activities $6,145 $(54)(a) $- $-
$(240) $5,851 Less: capital expenditures (533) - - - (84) (617) ---------
-------- ----- --- ---- ---- Free cash flow $5,612 $(54) $- $- $(324) $5,234
========= ======== ===== === ==== ==== Other supplemental cash disclosures: Cash
transfers from QSI (1) $26 $- $- $- $(26) $- Cash transfers to QSI (2) (361) - -
- 361 - --------- -------- ----- --- ---- ---- Net cash transfers $(335) $- $-
$- $335 $- ========= ======== ===== === ==== ==== (1) Cash from sale of
strategic debt and equity investments and partial settlement of investment
receivables. (2) Funding for strategic debt and equity investments, capital
expenditures and other QSI operating expenses. Three Months Ended June 29, 2008
-------------------------------------------- Estimated In- Share-Based Process
Pro Forma Compensation RD QSI GAAP --------- ------------ ---- --- ---- Net cash
provided (used) by operating activities $1,020 $(209)(a) $(13) $(59) $739 Less:
capital expenditures (176) - - (379) (555) --------- ------------ ---- --- ----
Free cash flow $844 $(209) $(13) $(438) $184 ========= ============ ==== =====
==== Nine Months Ended June 29, 2008 -------------------------------------------
Estimated In- Share-Based Process Pro Forma Compensation RD QSI GAAP ---------
------------ --- --- ---- Net cash provided (used) by operating activities
$3,090 $(310)(a) $(14) $(199) $2,567 Less: capital expenditures (368) - - (615)
(983) --------- ------------ ---- --- ---- Free cash flow $2,722 $(310) $(14)
$(814) $1,584 ========= ============ ==== ===== ==== (a) Incremental tax
benefits from stock options exercised during the period.

Qualcomm Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS (In millions,
except per share data) (Unaudited) ASSETS June 28, September 28, 2009 2008
---------- ------------- Current assets: Cash and cash equivalents $3,721 $1,840
Marketable securities 6,159 4,571 Accounts receivable, net 943 4,038
Inventories 375 521 Deferred tax assets 286 289 Other current assets 247 464
---------- ------------- Total current assets 11,731 11,723 Marketable
securities 5,801 4,858 Deferred tax assets 822 830 Property, plant and
equipment, net 2,311 2,162 Goodwill 1,512 1,517 Other intangible assets, net
3,138 3,104 Other assets 398 369 ---------- ------------- Total assets $25,713
$24,563 ========== ============= LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: Trade accounts payable $561 $570 Payroll and other benefits
related liabilities 459 406 Unearned revenues 447 394 Other current liabilities
905 921 ---------- ------------- Total current liabilities 2,372 2,291 Unearned
revenues 3,528 3,768 Income taxes payable 263 227 Other liabilities 839 333
---------- ------------- Total liabilities 7,002 6,619 ---------- -------------
Stockholders’ equity: Preferred stock, $0.0001 par value; issuable in
series; 8 shares authorized; none outstanding at June 28, 2009 and September 28,
2008 - - Common stock, $0.0001 par value; 6,000 shares authorized; 1,659 and
1,656 shares issued and outstanding at June 28, 2009 and September 28, 2008,
respectively - - Paid-in capital 7,988 7,511 Retained earnings 10,716 10,717
Accumulated other comprehensive income (loss) 7 (284) ---------- -------------
Total stockholders’ equity 18,711 17,944 ---------- ------------- Total
liabilities and stockholders’ equity $25,713 $24,563 ==========
=============

Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
millions, except per share data) (Unaudited) Three Months Ended Nine Months
Ended ----------------- ----------------- June 28, June 29, June 28, June 29,
2009 2008 2009 2008 -------- -------- -------- -------- Revenues: Equipment and
services $1,862 $1,867 $4,698 $5,295 Licensing and royalty fees 891 895 3,028
2,513 -------- -------- -------- -------- Total revenues 2,753 2,762 7,726
7,808 -------- -------- -------- -------- Operating expenses: Cost of equipment
and services revenues 864 889 2,357 2,493 Research and development 618 596 1,826
1,660 Selling, general and administrative 377 453 1,165 1,261 Litigation
settlement - - 748 - -------- -------- -------- -------- Total operating
expenses 1,859 1,938 6,096 5,414 -------- -------- -------- -------- Operating
income 894 824 1,630 2,394 Investment income (loss), net: Total
other-than-temporary impairment losses (124) (83) (725) (202) Noncredit portion
of loss recognized in other comprehensive income 8 - 8 - -------- --------
-------- -------- Net impairment losses recognized in earnings (116) (83) (717)
(202) Other investment income, net 206 141 421 526 -------- -------- --------
-------- Total investment income (loss), net 90 58 (296) 324 -------- --------
-------- -------- Income before income taxes 984 882 1,334 2,718 Income tax
expense (247) (134) (544) (436) -------- -------- -------- -------- Net income
$737 $748 $790 $2,282 ======== ======== ======== ======== Basic earnings per
common share $0.45 $0.46 $0.48 $1.40 ======== ======== ======== ======== Diluted
earnings per common share $0.44 $0.45 $0.47 $1.38 ======== ======== ========
======== Shares used in per share calculations: Basic 1,656 1,626 1,653 1,626
======== ======== ======== ======== Diluted 1,675 1,654 1,668 1,654 ========
======== ======== ======== Dividends per share paid $0.17 $0.16 $0.49 $0.44
======== ======== ======== ======== Dividends per share announced $0.17 $0.16
$0.49 $0.44 ======== ======== ======== ========

Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
millions) (Unaudited) Three Months Ended Nine Months Ended ------------------
------------------ June 28, June 29, June 28, June 29, 2009 2008 2009 2008
--------- -------- -------- --------- Operating Activities: Net income $737 $748
$790 $2,282 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 154 117 460 336 Revenues
related to non-monetary exchanges (29) - (86) - Non-cash portion of income tax
expense 56 66 222 148 Non-cash portion of share-based compensation expense 151
138 436 393 Incremental tax benefit from stock options exercised (22) (209) (54)
(310) Net realized gains on marketable securities and other investments (90)
(39) (57) (158) Net impairment losses on marketable securities and other
investments 116 83 717 202 Other items, net (1) 11 (22) 1 Changes in assets and
liabilities, net of effects of acquisitions: Accounts receivable, net (133)
(186) 2,691 (178) Inventories 30 (7) 143 (142) Other assets 13 (7) (17) 35 Trade
accounts payable 95 (24) (8) (4) Payroll, benefits and other liabilities 27 78
737 12 Unearned revenues (17) (30) (101) (50) --------- -------- --------
--------- Net cash provided by operating activities 1,087 739 5,851 2,567
--------- -------- -------- --------- Investing Activities: Capital expenditures
(149) (555) (617) (983) Purchases of available- for-sale securities (2,201)
(1,984) (6,497) (4,944) Proceeds from sale of available-for-sale securities
1,145 1,559 3,606 5,548 Cash received for partial settlement of investment
receivables 32 - 349 - Other investments and acquisitions, net of cash acquired
(7) (8) (47) (283) Change in collateral held under securities lending - 8 173 95
Other items, net - 4 6 30 --------- -------- -------- --------- Net cash used by
investing activities (1,180) (976) (3,027) (537) --------- -------- --------
--------- Financing Activities: Proceeds from issuance of common stock 175 464
276 700 Incremental tax benefit from stock options exercised 22 209 54 310
Dividends paid (282) (261) (810) (716) Repurchase and retirement of common stock
- - (285) (1,670) Change in obligations under securities lending - (8) (173)
(95) Other items, net 3 - - - --------- -------- -------- --------- Net cash
(used) provided by financing activities (82) 404 (938) (1,471) ---------
-------- -------- --------- Effect of exchange rate changes on cash 4 - (5) -
--------- -------- -------- --------- Net (decrease) increase in cash and cash
equivalents (171) 167 1,881 559 Cash and cash equivalents at beginning of period
3,892 2,803 1,840 2,411 --------- -------- -------- --------- Cash and cash
equivalents at end of period $3,721 $2,970 $3,721 $2,970 ========= ========
======== =========

SOURCE: Qualcomm Incorporated

John Gilbert of Qualcomm Incorporated, +1-858-658-4813, ir@qualcomm.com; NOTE TO
EDITORS: To view the web slides that accompany this earnings release and
conference call, please go to the Qualcomm Investor Relations web site at
http://investor.qualcomm.com/results.cfm