A top maker of mobile platform processors reports a solid year-end, with notable expansion in markets including smartphones, PCs, automobiles, and industrial IoT.
According to Qualcomm CEO Cristiano Amon’s January 2024 CES prediction, the automotive industry may be the next computing space, giving the company the chance to accelerate its development of bedrock technology for connected and artificial intelligence (AI)-driven devices in that industry, as well as for other use cases like Industry 4.0 and the internet of things (IoT). This forecast appears to have come true for the business in the fourth quarter of its fiscal year, resulting in a strong sales increase from the previous year.
Qualcomm reported $10.244 billion in total revenues for the quarter that ended September 29, 2024, a 19% increase over the same period in 2023. This resulted in $2.597 billion in earnings before taxes, an 83% year-over-year gain. In a year, net income nearly quadrupled to $2.92 billion.
Looking more closely at the quarterly results, Qualcomm showed that combined automotive and IoT revenues came to $2.6 billion, with revenues for its core QCT semiconductor sector reaching $8.2 billion, at the high end of its projection range.
With successful launches at Xiaomi, Honor, Oppo, and Vivo, the company’s handset division generated $6.1 billion in Q4 and boasted excellent design traction. There will be more releases, including at ASUS and Samsung.
With devices powered by the Snapdragon X Plus 8-core platform, PC original equipment manufacturers such as Dell, HP, Lenovo, Samsung, Acer, and ASUS generated $1.7 billion in IoT revenues. Qualcomm’s X Series portfolio presently consists of 58 systems that have been released or are in development.
Car sales alone increased 68% to $899 million compared to the same time in 2023. For their next software-defined automobiles, top automakers Mercedes-Benz, BMW, and Li Auto have embraced Snapdragon Elite automotive platforms.
Revenues of $1.5 billion for the Qualcomm Technology Licensing Division were likewise above the upper range of prior projections.
EBT increased 39% year over year to $10.336 billion, while Qualcomm’s sales increased 9% annually to $38.962 billion for the fiscal year. To reach $10.142 billion, net income had a nearly equal robust increase.
Cristiano Amon, president and CEO of Qualcomm, expressed his satisfaction with the company’s fourth-quarter results, which showed a more than 30% increase in EPS year over year. We are thrilled with our latest product announcements because they solidify our position as a pioneer in technology and improve our position in the mobile, PC, automotive, and industrial IoT markets.
The business unveiled the Snapdragon 8 Elite mobile platform at the recent Snapdragon Summit, claiming it is “the most powerful and world’s fastest” mobile system-on-a-chip and delivers the fastest mobile CPU in the world.
Qualcomm claims that its innovations, which include the second-generation custom-built Oryon CPU, Adreno GPU, and upgraded Hexagon NPU, provide “game-changing” performance enhancements. Personalized, multi-modal on-device generative AI is one of them, which can comprehend voice, context, and pictures to improve use cases like corporate efficiency.