Qualcomm Revenues Jump 17 Percent to $11.7 Billion

Chipmaking giant Qualcomm reported a net income of $3.2 billion on revenues of $11.7 billion in the quarter ending December 29, 2024. Those figure represent gains of 15 percent and 17 percent, respectively, year-over-year (YOY), and the revenues number is a company record.

“We are very pleased to have achieved quarterly revenue records, which reflect the strength of our technology, product roadmap, and end-customer demand,” Qualcomm CEO Cristiano Amon said. “We are delivering growth across our diversification initiatives and remain committed to executing on our fiscal 2029 targets to achieve $22 billion of non-handset revenues.

Qualcomm has two primary business units, Qualcomm CDMA Technology (QCT) and Qualcomm Technology Licensing (QTL), and the former is much bigger than the latter by revenues.

QCT reported record revenues of just over $10 billion, a gain of 20 percent YOY, and the first time it achieved this milestone. Handset revenues were $7.6 billion (up 13 percent), while Automotive added $961 million in revenues (up 61 percent) and IoT delivered another $1.5 billion in revenues (up 36 percent). QTL added $1.5 billion in revenues, up 5 percent YOY.

Qualcomm predicted that revenues in the current quarter would exceed expectations, and it noted a major new deal with Samsung to power the company’s flagship phones. But a Qualcomm licensing agreement with Huawei has expired, though the two firms are discussing a renewal.