QUALCOMM Inc. (NASDAQ: QCOM) has just posted $0.54 non-GAAP EPS on $2,75 billion in revenues versus the Thomson Reuters targets of $0.52 EPS  and $2.73 billion in revenues.  Unfortunately, the company’s effective tax rate was 25% for the quarter and is expected to reach 33% for its Fiscal 2009 period.  Cash and equivalents were approximately $15.7 billion at the end of the quarter.

For 2009, the company is targeting operating earnings of $2.34 to $2.44 billion  and pro forma operating net at $3.30 to $3.4 billion.  The revenues were raised to a range of $10.25 to $10.45 billion from a prior range of $9.85 to $10.25 billion.  Estimates are $1.80 non-GAAP EPS and $10.39 billion in revenues.

The ASP was put at $189 for its fourth quarter and $199 on average for the whole of 2009.  That signals further declines a disappointment from prior targets.  For the year, we still have a targeted handset device shipments targeted at 540 to 590 million.  Based on a 565 million midpoint, that was listed as 217 million CDMA units and 348 million WCDMA units.

Shares closed up almost 1% at $48.45 today and the after-hours session has shares trading under $47.00.

JON C. OGG