Qualcomm Revenues Beat Expectations

Qualcomm reported a net income of $3.4 billion on revenues of $10.7 billion for the quarter ending December 26, 2021.

“Our record quarterly results reflect the strong demand for our products and technologies, with [semiconductor] revenues exceeding those of any fabless semiconductor company,” Qualcomm president and CEO Cristiano Amon said. “We are at the beginning of one of the largest opportunities in our history, with our addressable market expanding by more than seven times to approximately $700 billion in the next decade. Our one technology roadmap positions us as the partner of choice for both mobile and the connected intelligent edge.”

Qualcomm has two core business units, its QCT (Qualcomm CDMA Technologies) semiconductor business and its QTL (Qualcomm Technology Licensing) licensing business. And both were on fire—the good kind—during the previous quarter.

QCT revenues jumped 35 percent overall to $8.85 billion, with revenues from handsets up 42 percent to $6 billion, with 60 year-over-year (YOY) growth in Snapdragon-related revenues. Revenues from RF front-end were up 7 percent to $1.1 billion, Automotive revenues were up 21 percent to $256 million, and IoT revenues were up 41 percent to $1.5 billion. QTL revenues jumped 10 percent to $1.8 billion well.

Qualcomm expects to deliver revenues of $10.2 billion to $11 billion in the current quarter as well.