• Revenues: $24.87 billion, up 30 percent y-o-y.
• Operating income: $8.66 billion, up 22 percent y-o-y.
• Net income: $7.91 billion, up 22 percent y-o-y.
• Diluted earnings per share: $4.51, up 22 percent y-o-y.
• Effective tax rate: 17 percent.
• Free cash flow: $8.08 billion, up 55 percent y-o-y; 32 percent of revenues.

Detailed reconciliations between results reported in accordance with 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: Fiscal fourth quarter and fiscal 2013 GAAP and Non-GAAP results included a $173 million charge, or $0.10 per share, related to the recent verdict in our litigation with ParkerVision. Fiscal 2012 GAAP results included $776 million in earnings, net of income taxes, for discontinued operations, primarily a result of a $1.2 billion gain associated with the sale of substantially all of our 700 MHz spectrum.

Key Business Metrics

Fourth Quarter Fiscal 2013

• MSM™ chip shipments: 190 million units, up 35 percent y-o-y and 10 percent sequentially.
• June quarter total reported device sales: approximately $60.2 billion, up 29 percent y-o-y and 7 percent sequentially.
  • June quarter estimated 3G/4G device shipments: approximately 260 to 264 million units, at an estimated average selling price of approximately $227 to $233 per unit.

Fiscal 2013

• MSM chip shipments: 716 million units, up 21 percent y-o-y.
• Total reported device sales: approximately $231.2 billion, up 23 percent y-o-y.
  • Estimated 3G/4G device shipments: approximately 1,017 to 1,033 million units, at an estimated average selling price of approximately $223 to $229 per unit.

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled $29.4 billion at the end of fiscal 2013, compared to $26.8 billion a year ago and $30.4 billion at the end of the third quarter of fiscal 2013. On October 24, 2013, we announced a cash dividend of $0.35 per share payable on December 19, 2013 to stockholders of record as of December 2, 2013. During the fourth quarter of fiscal 2013, we repurchased and retired 50.7 million shares of common stock for $3.32 billion.

Non-GAAP research and development (R&D) expenses increased 23 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.