Qualcomm Shows $8.44 Bn Revenue In Q3 FY 2024 Financial Results
Qualcomm reports growth in the 5G, IoT and automotive sectors and releases the Snapdragon X Series for PCs; quarterly revenue is USD 8.44 billion
Qualcomm has released its financial statistics for the third quarter of its fiscal year, which ended on 23 June, 2024. The figures show growth in revenue and technological breakthroughs.
“Our third-quarter results reflect strong execution of our growth and diversification strategy, with QCT quarterly revenues and EBT margins at the high end of guidance,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “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.” Despite a minor decrease from the prior quarter, Qualcomm announced total revenue of USD 8.44 billion for the quarter, achieving its guidance.
Qualcomm CDMA Technologies (QCT) division made a USD 6.79 billion contribution, representing a 32 per cent earnings before taxes (EBT) margin. Qualcomm's diluted earnings per share (EPS) came to USD 1.50 after the company declared net income of USD 1.69 billion. Cash flow from operations was USD 2.6 billion.
According to the revenue breakdown of the QCT business, mobile handsets accounted for USD 4.54 billion, RF front-end for USD 1.04 billion, automotive for USD 460 million and IoT for USD 750 million. With a 73 percent EBT margin, Qualcomm Technology Licensing (QTL) provided USD 1.25 billion. A $400 million loss was disclosed by Qualcomm Strategic Initiatives (QSI), which is a result of continuous expenditures in innovative technology. Research and development accounted for 25 per cent of the company's total sales, or say USD 2.1 billion. Qualcomm returned USD 1.3 billion to shareholders through dividends and share repurchases.
The launch of the Snapdragon X Series for PCs aims to deliver high performance, power efficiency and AI capabilities, marking a significant step in Qualcomm's strategy. The wider deployment of 5G technology has been assisted by Qualcomm's extension of 5G modem-to-antenna solutions. The demand for Qualcomm's products in these markets increased, resulting in significant growth in the IoT and automotive categories.
