Qualcomm Inc. gave a bullish revenue forecast for the current period, with sales expected to be roughly $12.2 billion in the fiscal first quarter. Jay Goldberg of Seaport Research Partners says the company is facing competitive threats from its own customers. He speaks on "Bloomberg The Close." ...

The semiconductor and software maker posted a loss of $3.12 billion following a large tax-related charge, but recorded a 10% increase in sales. ...

Financial Highlights - Qualcomm's Q4FY25 revenues increased by 10% year-over-year to $113 billion[10,15] - Non-GAAP EPS for Q4FY25 rose by 12% year-over-year to $300[10,15] - QCT revenues for Q4FY25 grew by 13% year-over-year to $98 billion, with EBT up 17% year-over-year to $29 billion[10,11,15] - Qualcomm returned $34 billion to stockholders in Q4FY25, including $24 billion in share repurchases and $10 billion in dividends[11] - Qualcomm anticipates its effective tax rate to generally remain in the range of approximately 13%-14%[13,14] Segment Performance - QCT Automotive revenues surpassed $1 billion in Q4FY25, up 17% year-over-year[10] - QCT IoT revenues increased by 7% year-over-year to $18 billion in Q4FY25[10,15] - QTL revenues for Q4FY25 were $141 billion, with an EBT margin of 72%[11,15] Strategic Initiatives - Qualcomm completed the acquisition of Arduino, expanding its IoT development ecosystem[10,41] - Qualcomm is targeting 200 MW of Qualcomm AI200 and AI250 rack solutions to deliver high-performance AI inference services in Saudi Arabia and globally starting in 2026[47]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Qualcomm, the largest maker of smartphone processors, gave a bullish revenue forecast for the current period, though a US tax change took a toll on profit last quarter https://t.co/gGUwpi6TOK ...

Core Insights - Qualcomm reported fourth quarter earnings that exceeded expectations, with adjusted earnings per share (EPS) of $3.00 on revenue of $11.27 billion, surpassing analyst forecasts of $2.88 EPS on $10.77 billion revenue [1][3] - The company provided guidance for the next quarter between $11.8 billion and $12.6 billion, higher than the anticipated $11.59 billion [1] Financial Performance - Qualcomm's QCT segment generated $9.8 billion in revenue, exceeding expectations of $9.3 billion, while the QTL segment brought in $1.4 billion, meeting expectations [4] - The company incurred a one-time non-cash tax-related charge of $5.7 billion, which impacted GAAP results but is expected to lower future cash tax payments [2] Market Challenges - Qualcomm faces the risk of losing Apple as a major customer for wireless chips, as Apple is transitioning to its own custom chips for its iPhone lineup [5] - The smartphone market has slowed, affecting Qualcomm's revenue generation from smartphone chips and licensing agreements [4] Strategic Initiatives - To mitigate risks, Qualcomm is diversifying its business by entering the AI data center and PC chip markets [5] - The company recently launched its AI200 and AI250 data center chips, with availability planned for 2026 and 2027 respectively, marking its first direct competition with Nvidia and AMD [6][7]

Core Insights - Qualcomm reported fiscal fourth-quarter results that exceeded analyst expectations, with revenue increasing by 10% to $11.27 billion compared to $10.24 billion a year earlier, although the company recorded a net loss of $3.12 billion due to an income tax expense [1][5] - For the fiscal first quarter, Qualcomm anticipates revenue between $11.8 billion and $12.6 billion, surpassing the average analyst estimate of $11.62 billion, with adjusted EPS projected between $3.30 and $3.50 [2] Financial Performance - The company achieved adjusted earnings per share of $3.00, which was higher than the expected $2.88, and revenue of $11.27 billion, exceeding the forecast of $10.79 billion [5] - The net loss for the fourth quarter was $3.12 billion, or $2.89 per share, compared to a net income of $2.92 billion, or $2.59 per share, in the previous year [1] Market Position and Strategy - Qualcomm is facing the potential loss of Apple as a customer for its modem business and is diversifying its product offerings to include chips for Windows PCs, virtual-reality headsets, and smart glasses [3] - The company is focusing on opportunities in artificial intelligence, where it aims to compete against Nvidia and AMD, which currently dominate the processor market [3] Product Development - Qualcomm announced plans to release new AI accelerator chips, the AI200 and AI250, which are expected to be available in 2026 and 2027, respectively, and can be integrated into liquid-cooled server racks [4] - The new AI chips are designed to compete with Nvidia and AMD's offerings, which allow multiple GPUs to function as a single computer, catering to the needs of AI labs [4] Stock Performance - Qualcomm's shares have increased by 17% year-to-date, lagging behind the Nasdaq's 22% gain, while Nvidia and AMD have seen significant increases of 45% and 112%, respectively [5]

Fiscal Year and Demand Projections - The company operates on a 52-53 week fiscal year, with fiscal years 2023 and 2025 consisting of 52 weeks, and 2024 consisting of 53 weeks[17]. - The company estimates consumer demand for smartphones will remain approximately flat for calendar year 2025 compared to 2024, with expected mid single-digit percentage growth in 5G handsets[29]. Automotive and IoT Trends - By 2030, 68% of new vehicles produced are projected to have embedded cellular connectivity, with 48% featuring 5G connectivity, up from 21% in 2025[31]. - The share of new light-duty vehicles sold globally with Level 2 or higher autonomy is expected to grow from 24% in 2025 to 52% in 2030[31]. - Industry demand for IoT devices is expected to remain strong across consumer, edge networking, and industrial applications, driven by 5G and AI technologies[32]. - The company’s Snapdragon Digital Chassis platforms are enabling advanced driver assistance and automated driving solutions in the automotive sector[18]. Technology Development and Innovation - The company anticipates continued advancements in generative AI capabilities of edge devices and increased adoption of generative AI technologies in handsets and other edge devices[25]. - The company has developed Qualcomm Oryon CPU core technology aimed at enhancing performance and efficiency across a wide portfolio of Snapdragon powered products[37]. - The Qualcomm AI Engine includes dedicated hardware for high-performance, low-power AI use cases on-device, enhancing privacy and security[38]. - The company continues to invest heavily in research and development to drive the evolution of mobile, automotive, and IoT technologies[36]. 5G and Telecommunications - 5G technology is designed to support diverse services, including enhanced mobile broadband, massive IoT, and mission-critical communications, utilizing various spectrum types and deployment scenarios[40]. - The company continues to contribute to 3GPP standardization activities, defining the evolution of 5G and establishing requirements for 6G[41]. - The QCT segment focuses on integrated circuit products and system software for mobile devices, automotive systems, and IoT products, with a technology roadmap that maintains backward compatibility with existing standards[44]. Licensing and Intellectual Property - QTL segment generates significant licensing revenues from cellular standard-essential patents, which are essential for the manufacture and sale of wireless products[54]. - The company has a leading intellectual property portfolio with extensive patents related to wireless communication technologies, essential for the commercial implementation of LTE and 5G products[55]. - The company has licensed its patents to hundreds of companies, contributing to industry growth and reducing device pricing[56]. - QTL licensing revenues are primarily generated through per-unit royalties based on a percentage of the wholesale selling price of licensed products[58]. Competition and Market Position - The company faces intense competition in the semiconductor industry, with competitors focusing on performance, integration, quality, and innovation[53]. - The QCT segment's marketing strategy promotes Qualcomm as a leader in intelligent computing and aims to expand the reach of Snapdragon and Dragonwing brands[51]. - Qualcomm's semiconductor business may suffer due to customers vertically integrating and developing their own integrated circuit products, notably from major clients like Apple, Samsung, and Xiaomi[108]. Customer Concentration and Revenue Risks - A significant portion of Qualcomm's revenues is derived from a small number of customers and licensees, particularly from premium-tier handset devices, which is expected to continue in the foreseeable future[102]. - The company anticipates that Apple will increasingly utilize its own modem products in future devices, which will negatively impact Qualcomm's QCT revenues and cash flows[103]. - Qualcomm's licensing revenues are significantly impacted by a limited number of licensees, including several Chinese OEMs, and any failure to meet obligations could adversely affect financial performance[107]. Supply Chain and Manufacturing Risks - The company faces risks related to supply and manufacturing, relying on a limited number of third-party suppliers, which could negatively impact its results of operations if supply strategies fail[92]. - The company is subject to order and shipment uncertainties that could further impact its results of operations[128]. - The reliance on a limited number of third-party suppliers for manufacturing could negatively impact the company's ability to meet customer demand and affect profitability[128]. Cybersecurity and Operational Risks - The company may incur significant costs related to product liability claims, which could divert management attention and negatively impact financial results[179]. - The company has encountered cybersecurity threats and intrusions, which may affect its IT systems and proprietary information[143]. - The company expects to continue investing in the security of its IT systems and proprietary information to mitigate risks associated with cybersecurity[146]. Global Market and Regulatory Environment - Qualcomm's revenues are significantly concentrated in China, and the risks associated with this concentration are heightened by U.S./China trade tensions[109]. - The company derives a significant portion of its revenues from Chinese OEMs and non-Chinese OEMs that utilize its products in devices sold into China, which has the largest number of smartphone users in the world[199]. - The company is subject to various global regulations, including those related to cybersecurity, privacy, and data protection, which could adversely affect its business and results of operations[200].

风险提示及免责条款 高通第四财季调整后营收112.7亿美元，预期107.7亿美元。 预计第一财季营收118亿-126亿美元，分析 师预期115.9亿美元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - Qualcomm Inc reported fourth-quarter revenue of $11.27 billion, a 10% increase year-over-year, surpassing the consensus estimate of $10.79 billion [2] - The company achieved adjusted earnings per share of $3, exceeding the consensus estimate of $2.88, marking the 10th consecutive earnings per share beat and the 9th consecutive revenue beat [2][3] Financial Performance - QCT revenue was $9.82 billion, up 13% year-over-year, while QTL revenue was $1.41 billion, down 7% year-over-year [3] - Full-year revenue reached $44.14 billion, reflecting a 13% year-over-year increase, with adjusted earnings per share of $10.22, up 18% year-over-year [8] Segment Performance - QCT non-Apple revenues grew by 18% year-over-year, with combined fiscal year Automotive and IoT revenue growth of 27% [4] - Revenue breakdown for QCT includes Handsets at $6.96 billion (+14% YoY), Automotive at $1.05 billion (+17% YoY), and IoT at $1.81 billion (+7% YoY) [8] Tax and Guidance - Qualcomm announced a non-cash tax charge of $5.7 billion to establish a valuation allowance against U.S. federal deferred tax assets, which was excluded from non-GAAP results [4] - The company expects first-quarter revenue guidance of $11.80 to $12.60 billion, with consensus estimates at $11.62 billion, and earnings per share guidance of $3.30 to $3.50, compared to a consensus of $3.31 [6][7]