Qualcomm just announced its third quarter results with GAAP revenues of $4.63 billion, up 28 percent year-over-year (y-o-y) and down 6 percent sequentially. The operating income was $1.38 billion, up 24 percent y-o-y and down 9 percent sequentially while the net income was $1.21 billion, up 17 percent y-o-y and down 46 percent sequentially.
The diluted earnings per share were $0.69, up 13 percent y-o-y and down 46 percent sequentially and effective tax rate was 24 percent for the quarter. The operating cash flow: $922 million, down 27 percent y-o-y; 20 percent of revenues. Return of capital to stockholders: $802 million, including $429 million, or $0.25 per share, of cash dividends paid, and $373 million to repurchase 6.6 million shares of our common stock.
Non-GAAP results exclude the Qualcomm Strategic Initiatives (QSI) segment, certain sharebased compensation, certain acquisition-related items and certain tax items. The revenues were $4.63 billion, up 28 percent y-o-y and down 6 percent sequentially. Operating income: $1.72 billion, up 23 percent y-o-y and down 10 percent sequentially.
The net income: $1.49 billion, up 20 percent y-o-y and down 16 percent sequentially. Diluted earnings per share: $0.85, up 16 percent y-o-y and down 16 percent sequentially. The Effective tax rate was 23 percent for the quarter. Free cash flow (defined as net cash from operating activities less capital expenditures) was $658 million, down 43 percent y-o-y; 14 percent of revenues.
The company last traded at 56.05 +1.59 (2.92%). The share falls 5% after the result.