Thank you, John and good afternoon, everyone.
We are pleased to report a strong set of results in our first fiscal quarter with non-GAAP earnings per share above the high end of our prior guidance range, driven by better than expected ASPs and units reported by our Chinese licensees and stronger than expected demand for MSMs. Our strong results reflect the actions we have taken to drive our strategic objectives and improve profitability. We are benefiting from our technology and product leadership in mobile and leveraging that leadership into a growing set of opportunities across RF Front End, Auto, IoT, mobile compute and networking. Our fiscal second quarter guidance reflects some higher than normal seasonality due to near-term inventory build in the handset market, consistent with what others are reporting as well as the ongoing impact of our non-paying licensees. In QCT, we expect the strong year-over-year performance to continue in our fiscal second quarter, driven by favorable mix and product cost actions. Longer-term, our outlook for our business remains unchanged as we continue to see positive trends with higher than expected global smartphone ASPs in QTL and stronger share and product trends in QCT across multiple growth areas. We made two very important announcements today that expand and strengthen our overall relationship with Samsung.
In our licensing business, we announced that we have amended and expanded our long-term licensing agreement. The license remains at the device level and continues through 2023. It is important to note that the amended agreement reached with Samsung is fully consistent with brand licensing practices and is consistent with our long term model. More importantly, it provides the foundation for a long-term stable licensing relationship with Samsung following the KFTC investigation. And importantly, as part of the agreement, Samsung is withdrawing its opposition to our appeal of the KFTC's order. We look forward to continuing our long and mutually beneficial relationship with Samsung for many years ahead. In our product business, we also announced a multi-year strategic agreement with Samsung in various technology areas and across a range of mobile devices. This agreement expands the company's longstanding relationship as technology and business partners into 2018 and beyond as we transition to 5G. QCT had another very successful Consumer Electronics Show earlier this month with important product and partner announcements across RF Front End, auto, networking, mobile computing and IoT. QCT and its partners were awarded 52 Best of CES Awards this year, up from 17 last year, clearly indicating execution in adjacent opportunities and the strength of our design pipeline. In automotive, we now have more than $3 billion of order backlog, including more than $1 billion of order backlog in infotainment alone. At CES, we announced new auto designs with Honda, Jaguar Land Rover and BYD in China as well as a collaboration with Ford on cellular V2X.
We also announced new flagship RF Front End design wins with Google, HTC, LG, Motorola, Samsung and Sony, as we expand our share position, including filter rich modules and newly designed gallium arsenide power amplifiers. We also introduced our unique 5G tunable front end solution, which utilizes modem intelligence at a system level to dynamically tune multimode RF performance and power efficiency when sharing radio frequencies and components across 3G, 4G and 5G. We believe this disruptive technology will transition RF Front End design leadership from dedicated component suppliers back to the system solution provider in 5G, consistent with what happened with prior wireless generation transitions.
In networking, we announced solutions with expanded WiFi mesh capabilities as well as a new and upgraded mesh networking platform. We are the number one provider of retail and enterprise WiFi and we are reshaping the carrier segment with our mesh solutions while gaining share from key incumbents. Our success in networking is a result of a deliberate investment several years ago to position our WiFi business with the structural changes we anticipated in the market.
Last week, we also made some significant announcements at our China Technology Summit in Beijing, further demonstrating our strong ecosystem partnerships and product leadership in China. Lenovo, OPPO, Vivo and Xiaomi joined us at the summit to announce that each had signed non-binding MOUs for the multi-year purchase of our RF Front End solutions, totaling at least $2 billion, which would represent a substantial increase in our RF Front End share at these accounts. The scope of our broad RF Front End platform includes gallium arsenide Pas, envelope trackers, LNAs, multimode PA and modules, RF switches, discrete filters and filter rich modules and antenna tuners across cellular and connectivity technologies. We also announced collaboration agreements in China called the 5G Pioneer initiative with Lenovo, OPPO, Vivo, Xiaomi, ZTE and Wingtech for the development of advanced 5G Mobile devices, targeting the 2019 timeframe. 5G represents a market discontinuity in the mobile ecosystem and it coincides with China based OEM's plans to expand globally in the premium tier.
In our dispute with Apple, we continue to move closer toward a number of key legal milestones later this year and early next year. In various jurisdictions around the world, in cases concerning Apple's infringement of Qualcomm's patents, there will be hearings and determinations on whether Qualcomm should be entitled to injunctive relief and exclusion orders. Also, Qualcomm's case against Apple's contract manufacturers for breach of their license agreements continues to move toward resolution in the same timeframe, as does Qualcomm's case against Apple for improperly interfering with those license agreements. We value Apple as a customer and would like to continue that relationship into the future, but it is in our stockholders best interest that we ensure that Apple pay a fair and reasonable royalty and operate on a level playing field with the other OEMs. While the litigation with Apple is necessary to protect our IP assets and our contract rights, we remain open to finding a path to resolution and collaboration with Apple as a partner.
Turning to demand trends for 3G, 4G devices around the world. Consistent with what others have been reporting, we are forecasting some short-term end market softness, driven by larger than typical sequential correction in orders from a fin modem customer and near term smartphone trends in China. George will provide more details on our updated forecast, but we continue to see favorable long term trends, including flagship handset launches later this year and the ramp of 5G device shipments beginning in early calendar 2019.
Turning to our pending acquisition of NXP, with recent approvals in both Europe and Korea, only Chinese regulatory approval remains and we hope to receive that soon. We continue to see this as an attractive deal for both our stockholders and NXP's stockholders at $110 per share as the combination brings together a comprehensive set of capabilities to address next generation auto and IoT devices and provides us with greater scale in auto, IoT, security and networking with their highly complementary products and world-class sales channel. On January 16, we released an investor presentation that outlined the near term and long term value opportunity for our stockholders and our plan to deliver $6.75 to $7.50 in non-GAAP earnings per share in fiscal 2019. We believe this appropriately frames the core earnings power of Qualcomm and the multiple levers we have within our control to achieve this, along with a significant value for our shareholders as we work through our outstanding licensing disputes. We took a conservative approach to modeling our fiscal year '19 earnings target and our management team is very committed to driving this result for our shareholders. We outlined a huge opportunity for growth and diversification through our expansion into new complementary adjacent opportunities. This growth is underpinned by the expansion of our service addressable market from $23 billion in 2015 to approximately $150 billion in 2020 or more than six times the size of Qualcomm's 2015 SAM. Another important area of value creation is 5G and Qualcomm is leading the industry. Whether you are a phone maker and infrastructure company or a network operator, Qualcomm is already identified as the key partner for accelerating your roadmap to 5G commercialization around the world. We are partnering with leaders across the globe as we work to bring 5G to market, including Verizon, AT&T, Nokia, Ericsson, China Mobile, SK Telecom, Telstra, Vodafone, Orange, NTT DoCoMo, T-Mobile, Sprint and now Samsung. Our announced 5G Pioneer initiative further builds on this strong global momentum.
In closing, we reported a very strong set of results this quarter and our products and technologies are leading in their respective categories and are set to lead as we enter the 5G generation. These generation changes have always provided us with the opportunity to benefit from our significant technology lead and this will be true again to an even greater degree in 5G. Our technologies will expand into many industries as we enter the age of IoT, autonomous vehicles, always on mobile computing and ubiquitous networking. I will now turn the call over to George.