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Qualcomm Named “2004 Best Financially Managed Company” by Fabless Semiconductor Association

Strong Business Execution by Qualcomm CDMA Technologies Lands Company Award for Third Consecutive Year

– December 20, 2004 – Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, was named the winner of the “2004 Best Financially Managed Company” by the Fabless Semiconductor Association (FSA) for outstanding financial performance. Winners were announced at the FSA’s Awards Dinner Celebration on December 9, 2004, at the Santa Clara Convention Center in Santa Clara, California. The award was accepted by Dr. Sanjay K. Jha, president of Qualcomm CDMA Technologies (QCT), the chipset and system software division of Qualcomm, in recognition of the division’s performance.

The FSA and financial analysts evaluated the performance of publicly traded fabless semiconductor companies by comparing financial indices such as return on investment, return on equity, inventory turns, revenue, net income, days sales outstanding, cash per share, cash burn, gross profit margin, operating margin and current ratio.

“For the third year in a row, the FSA is pleased to present Qualcomm with the award for Best Financially Managed Company,” said Jodi Shelton, co-founder and executive director of the FSA. “Year after year, Qualcomm CDMA Technologies successfully executes the financial and business strategies necessary to maintain Qualcomm’s industry leadership in the competitive semiconductor market.”

This is the third year in a row that Qualcomm—the largest fabless semiconductor company —has received this award. Last month Qualcomm announced its financial performance for fiscal 2004 in which QCT recorded total revenues of $3.09 billion and operating profit of $1.04 billion, representing year-on-year percentage increases of 29% and 31% respectively.

For more information on the awards dinner, please visit http://www.fsa.org/dinner/.

Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company’s CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the Company’s ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable basis, the extent and speed to which CDMA is deployed, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended September 26, 2004, and most recent Form 10-Q.

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