Qualcomm Revenues Jump 19 Percent to $10.24 Billion

Qualcomm announced that it earned a net income of $2.9 billion on revenues of $10.24 billion in the quarter ending September 29, 2024. Those figures represent gains of 96 percent and 19 percent, respectively, year-over-year (YOY). For fiscal 2024, Qualcomm posted a net income of $10.14 billion on revenues of $39 billion; those are gains of 40 and 9 percent, respectively, YOY.

“We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30 percent year-over-year growth in earnings-per-share,” Qualcomm president and CEO Cristiano Amon said. “We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.”

Qualcomm has three core business units: Handsets, Automotive, and IoT, plus Qualcomm Technology Licensing (QTL).

Handsets is the biggest of these businesses: It delivered $6.1 billion in revenues in the quarter, up 12 percent YOY, and $24.9 billion in revenues in the fiscal year, up 10 percent YOY. The positive results suggest that the smartphone industry might be rebounding. Qualcomm noted that sales of Android handsets were up 40 percent in China during its fiscal year.

Automotive added $899 million in revenues in the quarter, up 68 percent YOY, and $1.9 billion in revenues in the fiscal year, up 55 percent YOY and an annual record. IoT brought in $1.7 billion in revenues in the quarter, up 22 percent YOY, and $5.4 billion in revenues in the fiscal year, a decline of 8 percent YOY. Qualcomm’s QTL licensing business added $1.5 billion in revenues in the quarter, up 21 percent YOY, and $5.6 billion in revenues in the fiscal year, up 5 percent YOY.

Qualcomm provided guidance for the current quarter that was well above expectations, sending its stock price soaring in after hours trading.