Qualcomm Earnings Surged 63 Percent in Q2 2021

Qualcomm reported that it earned a net income of $2 billion on revenues of $8 billion for the quarter ending June 30. Those numbers represent growth of 65 percent and 140 percent, respectively, over the same quarter one year ago.

“In addition to leading the 5G transition, we are on pace to deliver $10 billion of annual revenues across RF front-end, IoT, and Automotive as our business continues to diversify,” Qualcomm president and CEO Cristiano Amon said, referring to his firm’s secondary businesses. “Our solutions are fueling the connected intelligent edge that is enabling the cloud economy, and we are seeing unprecedented demand for our technologies as the pace of digital transformation accelerates.”

Qualcomm’s Handset business was, of course, its biggest money-maker, with revenues of $3.9 billion, a gain of 57 percent YOY. But all of Qualcomm’s other chipset businesses grew even faster in the quarter: RF front-end was responsible for $957 million in revenues and 114 percent growth, Automotive delivered $253 million in revenues and 83 percent growth, and IoT landed at $1.4 billion and 83 percent growth. And Qualcomm’s technology licensing (QTL) business added an additional $1.5 billion in revenues, a gain of over 30 percent.

Qualcomm expects even better results in the current quarter, when it predicts it will earn revenues of $8.4 billion to $9.2 billion.