OANDA Revolutionizes Mobile Trading with fxTrade Mobile 4.0

SINGAPORE, July 24, 2014 /PRNewswire/ — OANDA, a global provider of innovative foreign exchange and CFD trading services, is pleased to announce the first phase of its next-generation fxTrade Mobile trading application. Beginning with new, industry-first features to its proprietary application for the Apple iPad, OANDA is moving away from a “one-size-fits-all” approach to mobile trading.

Available now for free download in the App Store, OANDA’s fxTrade Mobile 4.0 for iPad features unlimited charts, the ability for individual traders to arrange charts however they wish, and the ability to view charts in full-screen mode.

“We’re redefining the way investors are trading on mobile, moving toward customization based on each trader’s experience and trading strategies. We started with the iPad, as it’s the tablet with the highest market penetration and the most screen real estate,” said Reuben Piryatinsky, Mobile Product Manager, OANDA Corporation. “We’re confident this new approach to trading will help us maintain our industry-leading position in the mobile space.”

OANDA’s mobile team will continue to release more customizable features, specific to individual trading styles, in the coming months. New elements in fxTrade Mobile will add to its existing advanced charting functionality with multiple chart types and more than 40 technical analysis indicators, overlays, and drawing capabilities, streaming news feeds, and push notifications for limit orders, stop-loss and take-profit actions, margin notifications, and price alerts.

“We were the first broker to release a tablet trading app and so much has changed in four years. At the time, our goal was to match the desktop feature set but we’ve already eclipsed that and have more rich features available for mobile,” said Trevor Young, Vice President of Product Management, OANDA Corporation. “We are also seeing increased volumes coming through mobile: in 2010, it accounted for two or three percent of total volume and today it is closer to 20 percent.”

Today, more than 50 percent of OANDA’s clients log-in to their accounts daily via fxTrade Mobile. Like OANDA’s MetaTrader 4 mobile applications for iPhone and Android smartphones and tablets, and OANDA’s Currency Converter for iPhone, iPad, iPod touch, and Android devices, fxTrade Mobile is available to download for free.

For more information, please visit http://www.oanda.sg. You can follow OANDA on Twitter, Facebook, or YouTube.

For more information, please contact:

The Hoffman Agency for OANDA Asia Pacific
Adele Soh
Direct: +65-6361-0250
Email: OANDASG@hoffman.com  
www.hoffman.com

Qualcomm Announces Record Third Quarter Fiscal 2014 Results

SAN DIEGO, July 24, 2014 /PRNewswire/ — 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 2014 ended June 29, 2014.

“We are pleased to report another record quarter with revenues, earnings per share and chip shipments reaching all-time highs, driven by broad-based demand for our industry-leading 3G/4G chipset solutions,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “Looking forward, although we have lowered our near-term financial outlook for the licensing business, we are pleased to be raising our fiscal year earnings per share guidance on better than expected performance in our semiconductor business.”

Third Quarter Results (GAAP)*

  • Revenues: 1 $6.81 billion, up 9 percent year-over-year (y-o-y) and 7 percent sequentially.
  • Operating income: 1 $2.08 billion, up 24 percent y-o-y and 4 percent sequentially.
  • Net income: 2 $2.24 billion, up 42 percent y-o-y and 14 percent sequentially.
  • Diluted earnings per share: 2 $1.31, up 46 percent y-o-y and 15 percent sequentially.
  • Effective tax rate: 1 10 percent.
  • Operating cash flow: $2.67 billion, up 29 percent y-o-y; 39 percent of revenues.
  • Return of capital to stockholders: $2.06 billion, including $1.35 billion through repurchases of 17.0 million shares of common stock and $706 million, or $0.42 per share, of cash dividends paid.

1 Throughout this news release, revenues, operating expenses, operating income, earnings before tax (EBT) and effective tax rates are from continuing operations (i.e., before adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

2 Throughout this news release, net income and diluted earnings per share are attributable to Qualcomm (i.e., after adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

Non-GAAP Third Quarter Results*

Non-GAAP results exclude the QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items and tax items.

  • Revenues: $6.81 billion, up 9 percent y-o-y and 7 percent sequentially.
  • Operating income: $2.43 billion, up 19 percent y-o-y and 4 percent sequentially.
  • Net income: $2.47 billion, up 35 percent y-o-y and 10 percent sequentially.
  • Diluted earnings per share: $1.44, up 40 percent y-o-y and 10 percent sequentially.
  • Effective tax rate: 13 percent.

Detailed reconciliations between GAAP and Non-GAAP results are included within this news release.

* The following should be considered in regards to the year-over-year and sequential comparisons:

  • The third quarter of fiscal 2014 results included:
    • $208 million of income, or $0.12 per share, of which $184 million was recorded in other income, due to the reversal of accruals related to our litigation with ParkerVision; and
    • $164 million of charges, or $0.08 per share, that resulted from an impairment on goodwill and long-lived assets related to our QMT (Qualcomm MEMS Technologies) division.
  • The third quarter of fiscal 2013 results included:
    • $158 million charge, or $0.06 per share, that resulted from an impairment on long-lived assets related to our QMT division.

Third Quarter Key Business Metrics

  • MSM™ chip shipments: 225 million units, up 31 percent y-o-y and 20 percent sequentially.
  • March quarter total reported device sales: approximately $58.1 billion, up 3 percent y-o-y and down 13 percent sequentially.
    • March quarter estimated 3G/4G device shipments: approximately 250 to 254 million units, at an estimated average selling price of approximately $228 to $234 per unit.

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled $32.7 billion at the end of the third quarter of fiscal 2014, compared to $30.4 billion a year ago and $32.1 billion at the end of the second quarter of fiscal 2014. On July 18, 2014, we announced a cash dividend of $0.42 per share payable on September 24, 2014 to stockholders of record as of the close of business on September 3, 2014.

Research and Development

($ in millions)

Non-GAAP

QSI

Share-Based 
Compensation

Acquisition- 
Related 
Items

GAAP

Third quarter fiscal 2014

$

1,251

$

1

$

174

$

3

$

1,429

As % of revenues

18%

21%

Third quarter fiscal 2013

$

1,130

$

1

$

166

$

1

$

1,298

As % of revenues

18%

21%

Year-over-year change ($)

11%

N/M

5%

N/M

10%

N/M – Not Meaningful

Non-GAAP research and development (R&D) expenses increased 11 percent y-o-y primarily due to an increase in costs to develop CDMA-based 3G, OFDMA-based 4G LTE and other technologies for integrated circuit and related software products and to expand our intellectual property portfolio.

Selling, General and Administrative

($ in millions)

Non-GAAP

QSI

Share-Based 
Compensation

Acquisition- 
Related 
Items

GAAP

Third quarter fiscal 2014

$

484

$

4

$

88

$

6

$

582

As % of revenues

7%

9%

Third quarter fiscal 2013

$

505

$

6

$

96

$

6

$

613

As % of revenues

8%

10%

Year-over-year change ($)

(4%)

(33%)

(8%)

N/M

(5%)

N/M – Not Meaningful

Non-GAAP selling, general and administrative (SG&A) expenses decreased 4 percent y-o-y primarily due to a decrease in selling and marketing expenses.

Effective Income Tax Rates

Our fiscal 2014 annual effective income tax rates are estimated to be 14 percent for GAAP and 15 percent for Non-GAAP, both of which include the United States federal R&D tax credit generated through December 31, 2013, the date on which the credit expired. During the third quarter of fiscal 2014, we recorded a $66 million tax benefit as a result of an agreement reached with the Internal Revenue Service related to transfer pricing on our fiscal 2013 tax return, which was excluded from Non-GAAP results.

Business Outlook

The following statements are forward looking, and actual results may differ materially. The “Note Regarding Forward-Looking Statements” in this news release provides a description of certain risks that we face, and our most recent quarterly report on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks.

Our outlook does not include provisions for future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as realized investment and certain derivative gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain; however, actual results may differ materially from the outlook.

During the fourth quarter of fiscal 2014, we expect to complete a minimum of $1 billion in stock repurchases under our current stock repurchase program. Our outlook for fiscal 2014 diluted earnings per share includes an estimate of the benefit related to stock repurchases.

China continues to present significant opportunities for us, particularly with the rollout of 4G LTE, but also presents significant challenges, as our business practices continue to be the subject of an investigation by the China National Development and Reform Commission (NDRC). Please refer to our Quarterly Report on Form 10-Q for the third quarter ended June 29, 2014 filed with the SEC for our most recent disclosures regarding the NDRC investigation.

We also believe that certain licensees in China currently are not fully complying with their contractual obligations to report their sales of licensed products to us (which includes certain licensees underreporting a portion of their 3G/4G device sales and a dispute with a licensee) and that unlicensed companies may seek to delay execution of new licenses while the NDRC investigation is ongoing. We expect calendar year 2014 3G/4G device shipments to be approximately 1.3 billion globally. However, our estimate of calendar year 2014 3G/4G device shipments that we currently expect to be reported to us is approximately 1.04 billion to 1.13 billion, which is adjusted for units that we believe may not be reported to us, are in dispute or are currently unlicensed. We are taking steps to address these issues, although the timing of any resolution is uncertain.

The following table summarizes GAAP and Non-GAAP guidance based on the current outlook. The Non-GAAP outlook presented below is consistent with the presentation of Non-GAAP results included elsewhere herein.

Qualcomm’s Business Outlook Summary

FOURTH FISCAL QUARTER

Q4 FY13

Results

Current Guidance

Q4 FY14 Estimates

Revenues

$6.48B

$6.5B – $7.4B

Year-over-year change

even – increase 14%

Non-GAAP diluted earnings per share (EPS)

$1.05

$1.20 – $1.35

Year-over-year change

increase 14% – 29%

Diluted EPS attributable to QSI

($0.01)

$0.00

Diluted EPS attributable to share-based compensation

($0.13)

($0.13)

Diluted EPS attributable to acquisition-related items

($0.04)

($0.04)

GAAP diluted EPS

$0.86

$1.03 – $1.18

Year-over-year change

increase 20% – 37%

Metrics

MSM chip shipments

190M

230M – 245M

Year-over-year change

increase 21% – 29%

Total reported device sales (1)

approx. $60.2B*

approx. $53.0B – $59.0B*

Year-over-year change

decrease 2% – 12%

*Est. sales in June quarter, reported in September quarter

FISCAL YEAR

FY 2013

Results

Prior Guidance

FY 2014 Estimates (2)

Current Guidance 
FY 2014 Estimates

Revenues

$24.87B

$26.0B – $27.5B

$26.3B – $27.2B

Year-over-year change

increase 5% – 11%

increase 6% – 9%

Non-GAAP diluted EPS

$4.51

$5.05 – $5.25

$5.21 – $5.36

Year-over-year change

increase 12% – 16%

increase 16% – 19%

Diluted EPS attributable to QSI

$0.02

($0.01)

($0.01)

Diluted EPS attributable to share-based compensation

($0.51)

($0.51)

($0.51)

Diluted EPS attributable to acquisition-related items

($0.16)

($0.16)

($0.16)

Diluted EPS attributable to tax items

$0.04

N/A

$0.04

GAAP diluted EPS

$3.91

$4.37 – $4.57

$4.57 – $4.72

Year-over-year change

increase 12% – 17%

increase 17% – 21%

Metrics

Est. fiscal year* 3G/4G device average selling price range (1)

approx. $223 – $229

approx. $218 – $228

approx. $222 – $228

*Shipments in Sept. to June quarters, reported in Dec. to Sept. quarters

CALENDAR YEAR Device Estimates (1)

Calendar 2013

Estimates

Prior Guidance
Calendar 2014

Estimates

Current Guidance

Calendar 2014

Estimates

Est. 3G/4G device shipments

March quarter

approx. 244M – 248M

not provided

approx. 250M – 254M

June quarter

approx. 260M – 264M

not provided

not provided

September quarter

approx. 276M – 280M

not provided

not provided

December quarter

approx. 295M – 299M

not provided

not provided

Est. calendar year range (approx.)

1,075M – 1,091M

1,220M – 1,300M

1,040M – 1,130M (3)

 

(1)

Total reported device sales is the sum of all reported sales in U.S. dollars (as reported to us by our licensees) of all licensed CDMA-based, OFDMA-based and CDMA/OFDMA multimode subscriber devices (including handsets, modules, modem cards and other subscriber devices) by our licensees during a particular period (collectively, 3G/4G devices). The reported quarterly estimated ranges of average selling prices (ASPs) and unit shipments are determined based on the information as reported to us by our licensees during the relevant period and our own estimates of the selling prices and unit shipments for licensees that do not provide such information. Not all licensees report sales, selling prices and/or unit shipments the same way (e.g., some licensees report sales net of permitted deductions, including transportation, insurance, packing costs and other items, while other licensees report sales and then identify the amount of permitted deductions in their reports), and the way in which licensees report such information may change from time to time. In addition, certain licensees may not report (in the quarter in which they are contractually obligated to report) their sales of certain types of subscriber units, which (as a result of audits, legal actions or for other reasons) may be reported in a subsequent quarter. Accordingly, total reported device sales, estimated unit shipments and estimated ASPs for a particular period may include prior period activity that was not reported by the licensee until such particular period.

(2)

Our prior guidance for fiscal 2014 GAAP diluted EPS excluded a $66 million tax benefit that we recorded in the third quarter of fiscal 2014 as a result of an agreement reached with the Internal Revenue Service, which was excluded from our Non-GAAP results.

(3)

We expect calendar year 2014 3G/4G device shipments to be approximately 1.3 billion globally. However, our estimate of calendar year 2014 3G/4G device shipments that we currently expect to be reported to us is approximately 1.04 billion to 1.13 billion, which is adjusted for units that we believe may not be reported to us, are in dispute or are currently unlicensed. We are taking steps to address these issues, although the timing of any resolution is uncertain.

N/A – Not Applicable

Sums may not equal totals due to rounding.

Results of Business Segments

The following table reconciles our Non-GAAP results to our GAAP results ($ in millions, except per share data):

SEGMENTS

QCT

QTL

Non-GAAP Reconciling 
Items (1) (2)

Non-GAAP (3)

QSI (3)

Share-Based Compensation (3)

Acquisition- 
Related 
Items (3)

Tax 
Items

GAAP

Q3 – FISCAL 2014

Revenues

$4,957

$1,803

$46

$6,806

$—

$—

$—

$—

$6,806

Change from prior year

17%

(3%)

(70%)

9%

9%

Change from prior quarter

17%

(13%)

(13%)

7%

7%

Operating income (loss)

$2,425

($5)

($274)

($71)

$—

$2,075

Change from prior year

19%

29%

2%

—%

24%

Change from prior quarter

4%

17%

(9%)

21%

4%

EBT

$1,116

$1,550

$177

$2,843

($1)

($274)

($71)

$—

$2,497

Change from prior year

51%

(5%)

N/M

29%

N/M

2%

—%

31%

Change from prior quarter

51%

(15%)

N/M

7%

97%

(9%)

21%

10%

EBT as % of revenues

23%

86%

N/M

42%

37%

Net income (loss)

$2,470

$—

($232)

($66)

$66

$2,238

Change from prior year

35%

N/M

(5%)

(3%)

N/M

42%

Change from prior quarter

10%

N/M

(17%)

19%

N/M

14%

Diluted EPS

$1.44

$0.00

($0.14)

($0.04)

$0.04

$1.31

Change from prior year

40%

N/M

(8%)

—%

N/M

46%

Change from prior quarter

10%

N/M

(27%)

20%

N/M

15%

Diluted shares used

1,714

1,714

1,714

1,714

1,714

1,714

Q2 – FISCAL 2014

Revenues

$4,243

$2,071

$53

$6,367

$—

$—

$—

$—

$6,367

Operating income (loss)

2,337

(6)

(251)

(90)

1,990

EBT

$740

$1,834

$78

2,652

(39)

(251)

(90)

2,272

Net income (loss)

2,255

(17)

(198)

(81)

1,959

Diluted EPS

$1.31

($0.01)

($0.11)

($0.05)

$—

$1.14

Diluted shares used

1,719

1,719

1,719

1,719

1,719

1,719

Q3 – FISCAL 2013

Revenues

$4,222

$1,867

$154

$6,243

$—

$—

$—

$—

$6,243

Operating income (loss)

2,035

(7)

(280)

(71)

1,677

EBT

$738

$1,633

($161)

2,210

51

(280)

(71)

1,910

Net income (loss)

1,823

43

(222)

(64)

1,580

Diluted EPS

$1.03

$0.02

($0.13)

($0.04)

$—

$0.90

Diluted shares used

1,765

1,765

1,765

1,765

1,765

1,765

Q4 – FISCAL 2013

Revenues

$4,457

$1,874

$149

$6,480

$—

$—

$—

$—

$6,480

Operating income (loss)

1,940

(11)

(274)

(67)

1,588

EBT

$702

$1,622

($151)

2,173

(11)

(274)

(67)

1,821

Net income (loss)

1,818

(24)

(226)

(67)

1,501

Diluted EPS

$1.05

($0.01)

($0.13)

($0.04)

$—

$0.86

Diluted shares used

1,738

1,738

1,738

1,738

1,738

1,738

SEGMENTS

QCT

QTL

Non-GAAP Reconciling 
Items (1) (2)

Non-GAAP (3)

QSI (3)

Share-Based Compensation (3)

Acquisition-
Related 
Items (3)

Tax 
Items

GAAP

9 MONTHS – FISCAL 2014

Revenues

$13,816

$5,774

$205

$19,795

$—

$—

$—

$—

$19,795

Change from prior year

13%

2%

(54%)

8%

8%

Operating income (loss)

$6,611

($16)

($806)

($231)

$—

$5,558

Change from prior year

(2%)

20%

3%

(3%)

(1%)

EBT

$2,762

$5,054

($217)

$7,599

($36)

($806)

($231)

$—

$6,526

Change from prior year

11%

2%

N/M

3%

N/M

3%

(3%)

2%

EBT as % of revenues

20%

88%

N/M

38%

33%

Discontinued operations, net of tax (4)

$430

$—

$—

$—

$—

$430

Net income (loss)

$6,888

($13)

($655)

($213)

$66

$6,073

Change from prior year

13%

N/M

1%

—%

3%

13%

Diluted EPS

$4.01

($0.01)

($0.38)

($0.12)

$0.04

$3.53

Change from prior year

16%<

Tablet Shipments Rose by 6 Percent Year-on-Year in Q2 2014 says Strategy Analytics

BOSTON, July 24, 2014 /PRNewswire/ — According to the latest research from Strategy Analytics, global tablet shipments reached 52.9 million units in the second quarter of 2014. Android secured a robust 70 percent global share, while Apple iPad shipments were below expectations and iOS fell to 25 percent. Windows secured a 5 percent global share.

Logo – http://photos.prnewswire.com/prnh/20130207/NE56457LOGO-b

Peter King, Director of Tablet research at Strategy Analytics, said, “Global Tablet shipments reached 52.9 million units in Q2 2014, up 6 percent from 50.0 million in Q2 2013. Android consolidation continued as it was the chosen OS for seven out of ten Tablets shipped in the market. Android vendors shipped 36.8 million units between them worldwide in Q2 2014, up 11% from 33.2 million a year earlier. Android is continuing to make steady progress due to the wide range of vendors and wide range of screen sizes and price-points.” King added, “Apple iOS shipments (sell-in) were 13.3 million iPads in Q2 2014 leaving it with a 25% share of the global Tablet market. The 13.3 million shipments represented decline of 9% annually and 19% sequentially; it is nine quarters since Apple produced such a low Tablet shipment figure.”

Exhibit 1: Global Tablet Operating System Shipments and Market Share in Q1 2014 (preliminary)

Global Tablet OS Shipments (Millions of Units)

Q2’13

Q2’14

Apple iOS

14.6

13.3

Android

33.2

36.8

Windows

2.1

2.7

Others

0.1

0

Total

50

52.9

Global Tablet OS Marketshare %

Q2’13

Q2’14

Apple iOS

29%

25%

Android

66%

70%

Windows

4%

5%

Others

0%

0%

Total

100%

100%

Growth Year-on-Year %

39%

6%

Source: Strategy Analytics Tablets & Touchscreen Service

Shipments refer to sell-in. Numbers are rounded. The definition of Tablet does not include e-book readers or convertible PCs

Click here for the full report:
https://www.strategyanalytics.com/default.aspx?mod=reportabstractviewer&a0=9886

Published by the Strategy Analytics Tablet & Touchscreen Strategies (TTS) service.

Frost & Sullivan: Tablets to Bridge the Gap with Smartphones

LONDON, July 24, 2014 /PRNewswire/ — The use of smartphones and laptops is widespread among enterprises, with nearly three out of every four organizations issuing corporate-owned laptops (74 percent) and smartphones (71 percent) to their workforces. Tablets, on the other hand, are issued by only half (47 percent) the surveyed enterprises; however, these devices are expected to bridge this gap over the next three years, as many of the more data-intensive mobile applications migrate over to the tablets.

New analysis from Frost & Sullivan (http://www.wireless.frost.com), The Future of Mobile Devices from a Customer Perspective — United States and Europe, finds that by 2016, the use of smartphones is expected to decrease from the current levels of 66 percent to 58 percent, while tablets are expected to increase from 49 percent to 56 percent.

Interestingly, while almost 60 percent of organizations allow personal devices to be connected to the corporate network, only four out of ten IT decision makers report that their company has a formal bring your own device (BYOD) policy in place.

“Approximately 58 percent of large enterprises have a formal BYOD policy, while only 20 percent of small businesses have a standardized policy,” said Frost & Sullivan Research Analyst Karolina Olszewska. “The most common method of enforcing BYOD policies is through network technology solutions at 67 percent, followed by mobile device management at 61 percent.”

The enterprise mobile device landscape is rapidly changing, evidenced by the surprising emergence of Android as the most common (56 percent) mobile operating system supported for organization-owned devices. This is followed by iOS (41 percent), Windows Mobile (30 percent) and BlackBerry (28 percent).

While the banking, finance and insurance sector has been the most prominent user of smart phones for business purposes among the verticals surveyed in 2013, in the tablet segment, manufacturing took top honours.

 “Overall, 62 percent of the workforce is traditional, working at office locations. Mobile workers account for 22 percent and remote workers the remaining 16 percent,” noted Olszewska. “Although this trend is not expected to change drastically within the next three years, the number of in-office workers is expected to decrease, while remote and mobile workers are expected to increase, signifying greater opportunities for smartphone and tablet makers.”

If you are interested in more information on this study, please send an email to Edyta Grabowska, Corporate Communications, at edyta.grabowska@frost.com.

Future of Mobile Devices from a Customer Perspective — United States and Europe is part of the Mobile & Wireless Communications Growth Partnership Service program. Frost & Sullivan’s related studies include: South African Data Centre Market, Unified Communications and Collaboration (UC&C) in the Cloud in Latin America, Analytics on a Transformation Path — From a ‘Good-to-Have’ to a ‘Must -Have Solution’ and UK Leads Cellular M2M Connections Growth in Europe. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.