Thank you, Mauricio, and good afternoon everyone. We are pleased to report a strong quarter especially in light of the challenging headwinds impacting the entire industry. Our fiscal first quarter results reflect continued execution by our team on the things within our control and influence. Our Q1 non-GAAP earnings of $1.20 per share were $0.10 above the midpoint of our guidance range. Revenue of $4.8 billion was in line with our guidance. Several positive trends enabled us to absorb the impact of general market weakness. Notably, number one, QCT's strong roadmap and financial performance in the high-end; number two, QTL's second interim agreement with Huawei; and number three, lower than expected operating expenses, which includes the impact of our cost reduction initiatives. Our business prospects remain very healthy as 5G begins to ramp through the balance of this year and beyond. Our Snapdragon platform continues to outperform industry benchmarks and is well-positioned to successfully enable the low latency, high reliability and security requirements of 5G. We continue to extend this expertise with handset OEMs and adjacent industries of compute IoT and auto. Our Wi-Fi business continues to gain share against longstanding incumbents in enterprise. Reliable intelligent and secure Wi-Fi will be an important part of future 5G networks. And we've introduced innovative and differentiated solutions as the market transitions to Wi-Fi 6. In parallel, we remain focused on resolving our Apple and regulatory disputes. Before I turn the call over to George to cover our results in more detail, I want to provide an update on some important legal milestones and our ongoing efforts to defend the value of our intellectual property and drive shareholder value.
As most of you know, we are one of the main architects of the wireless ecosystem and our leading investments in R&D have positioned the company at the forefront of 2G, 3G, 4G and now 5G leadership. We have one of the largest patent portfolios in the industry with more than 130,000 patents and pending patent applications worldwide. And it is critical that we protect our IP and ensure that we are appropriately compensated for our inventions and investments. Through these various legal cases, we are working to ensure this happens.
Courts in China and Germany have found Apple to be infringing our patents consistent with our prior messaging where the potential of multiple patent infringement rulings before the end of 2018. We are pursuing enforcement of the injunctions awarded by these courts and believe the decisions will be upheld on appeal. These favorable rulings demonstrate Apple's infringement across a broad range of our patented technologies that are unrelated to modem chips, but are widely used in smartphones. We expect additional favorable patent infringement decisions in the coming months in the United States, China and Germany as more of our cases go to trial.
In addition to our patent litigation there are more legal milestones ahead including the trial involving Apple and its contract manufacturers starting in San Diego in April and a separate case in California state court we filed to stop Apple's misuse and misappropriation of Qualcomm's trade secrets. We continue to believe that over the course of 2019, we will reach a resolution on the key outstanding issues in our disputes with Apple through settlement or litigation and we are prepared for both outcomes. Yesterday, we concluded our arguments in the case with the FTC in the Northern District of California. As stated before, we believe that the FTC's case is based on a flawed antitrust theory and that it failed to meet its burden of proof for its claims. You can access the transcript of our closing arguments and the related slide presentation on our Web Site at qualcomm.com/news.
Over the course of the trial, we made a strong showing that our licensing practices are consistent with industry norms have not harmed competition and in fact the industry is thriving. We have earned or maintained our leadership in the mobile wireless industry with superior foresight, investment and execution driving superior technology solutions compared with our competitors and we have never interrupted commercial shipments of modem chips to any customer in order to obtain unfair licensing rates. Moreover, the evidence presented at trial proved that our agreements with Apple which expired over two years ago were run-of-the-mill incentive agreements that were actually demanded by Apple in order to win its business. The trial reinforce the important role we play in the mobile industry. This is especially critical now as we enter the early innings of 5G, the first mobile generation that is truly shaping industrial policy.
In summary, we are hopeful that the law and fact-based analysis will prevail in our FTC proceedings. In parallel, we continue to look for an opportunity to reach a negotiated settlement with the FTC. Let me now spend some time providing you an update on how we are driving the transition to 5G. We are extremely pleased with the growing 5G momentum around the world.
In December, we hosted our annual Snapdragon Tech Summit and we're joined by leading 5G ecosystem partners, infrastructure vendors as well as device manufacturers. This level of representation from the mobile ecosystem is a testament to our broad industry commitment to 5G, our solutions and our leadership position. At the summit, we announced our new Snapdragon 855 mobile platform, the world's first commercial platform supporting multi-gigabit 5G and demonstrate an end-to-end 5G consumer experiences with real demos over live millimeter wave 5G networks and devices. We also announced that the Snapdragon 855 is gaining significant momentum with over 100 design wins in development. Since the summit, 5G service has begun to roll out in Korea and the United States and as 2019 progresses we anticipate continued 5G network launches in the United States, Europe, Japan, Australia and China. We are working with more than 20 operators toward commercial rollout starting this year and we expect to be the 5G modem supplier of choice for the majority of the first wave of 5G devices. In addition to commercial 5G service, device manufacturers are also ramping production of consumer 5G devices.
At CES, we announced 30-plus commercial 5G mobile design wins based on our 5G chipsets. The majority of these designs are smartphones from global OEM featuring the Snapdragon 855 mobile platform and the Snapdragon X50 5G modem family, which are expected to launch in the first half of 2019. Notably, nearly all of the devices related to these 5G design wins use our RF front-end solutions and we expect these design wins to have a meaningful positive impact to our RF front-end product line. Consistent with the past, 3G and 4G transitions as 5G launches in 2019 across multiple geographies, we expect the carriers to play an active role in driving the transition to 5G devices.
Turning to our adjacent opportunities, in automotive, we announced our third generation Snapdragon Automotive Cockpit platforms, which provide a multi-tier scalable architecture across tiers to expand the addressable market for our infotainment solutions. Importantly, to an automotive manufacturer a scalable architecture delivers a consistent experience across budget to mid-tier to premium car lines. We also launched the custom-built Snapdragon 8cx Compute Platform which represents the largest generational performance increase ever for Snapdragon product.
We look forward to growing this category with Microsoft and expect more announcements throughout the year. In summary, in a challenging market QCT is continuing to execute consistent with our expectations at the beginning of the year and we are looking forward to our upcoming product launches. Finally, I want to thank our employees for their hard work and focused execution. We continue to make great progress on our important strategic objectives. We are driving the transition to 5G and we are leveraging our core technologies to expand our reach into many exciting new industries. I would like to now turn the call over to George.