Qualcomm Revenues Up 11 Percent to $9.4 Billion

Mobile chipmaking giant Qualcomm earned a net income of $2.1 billion on revenues of $9.4 billion in the quarter ending June 23, 2024. Those figures were up 18 percent and 11 percent year-over-year (YOY), though the company warned that the smartphone sales slump would continue with “flattish” or very low growth for the rest of the year.

“Our third quarter results reflect strong execution of our growth and diversification strategy, with quarterly revenues and EBT [earnings before taxes] margins at the high end of guidance,” Qualcomm president and CEO Cristiano Amon said. “We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency and personalized AI experiences This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company.”

That’s a curious quote to lead with, as Qualcomm didn’t report revenues specific to Snapdragon X. In a post-earnings presentation, the firm promoted Snapdragon X pretty heavily, but it offered no sales data. It did promise that future Snapdragon X-based PCs would cost as little as $700, down from the current $1000 starting point, however. So, all we can do for now is guess.

“My takeaway for [Snapdragon X] PCs was that it exceeded internal expectations, which were appropriately low even though many SKUs are sold out,” analyst Patrick Moorhead noted on Twitter. “I am looking forward to IFA.” With AMD and Intel delivering new Copilot+ PC-class PC chips before IFA in September, PC makers should have dozens of new designs to announce at that show. But it’s not clear yet whether there will be any new Snapdragon X-based PCs announced then.

Qualcomm generated $5.9 billion in revenues in the quarter from mobile chip sales, a gain of 12 percent YOY. Automotive revenues were $811 million, up 87 percent YOY, and IoT revenues fell 8 percent to $1.36 billion. (PC chip sales fall into the IoT bucket, if you’re curious.) Qualcomm’s remaining $1.27 billion in revenues came from licensing, with that business experiencing 3 percent growth YOY.

To goose smartphone sales, Qualcomm says it will announce next-generation processors based on the Snapdragon X Oryon core it now uses for PCs at its Snapdragon Summit in October.