Qualcomm(QCOM) - 2025 Q1 - Quarterly Results

Financial Performance - Qualcomm reported record revenues of $11.7 billion for Q1 Fiscal 2025, a 17% increase from $9.9 billion in Q1 Fiscal 2024[1] - GAAP diluted EPS was $2.83, up 15% from $2.46 in the same quarter last year, while Non-GAAP diluted EPS increased by 24% to $3.41 from $2.75[2] - Total revenues for the three months ended December 29, 2024, were $11,669 million, a 17.5% increase from $9,935 million for the same period in 2023[18] - Operating income increased to $3,555 million, up 21.4% from $2,928 million year-over-year[18] - Net income for the period was $3,180 million, compared to $2,767 million in the prior year, reflecting a 14.9% increase[18] - Basic earnings per share from continuing operations rose to $2.86, up from $2.52, representing a 13.5% increase[18] Revenue Breakdown - QCT revenues reached $10.1 billion, representing a 20% growth compared to $8.4 billion in Q1 Fiscal 2024, with handsets revenue at $7.6 billion, up 13%[3] - Automotive revenue surged by 61% to $961 million, while IoT revenue grew by 36% to $1.5 billion[4] - QCT revenues for Q2 FY25 are expected to be between $8.9 billion and $9.5 billion, while QTL revenues are projected to be between $1.25 billion and $1.45 billion[7] Future Projections - For Q2 FY25, Qualcomm estimates GAAP revenues between $10.3 billion and $11.2 billion, with Non-GAAP revenues projected between $10.2 billion and $11.0 billion[7] - The company aims to achieve $22 billion in non-handset revenues by fiscal 2029, reflecting its commitment to diversification initiatives[2] Shareholder Returns - The company returned $2.7 billion to stockholders, including $942 million in cash dividends and $1.8 billion through share repurchases[5] - The company repurchased $1,750 million of common stock during the quarter, up from $784 million in the same period last year[20] Expenses and Cash Flow - Research and development expenses were $2,230 million, an increase of 6.4% from $2,096 million in the previous year[18] - Net cash provided by operating activities was $4,587 million, significantly higher than $2,949 million in the same quarter last year[20] - Capital expenditures for the quarter were $277 million, compared to $214 million in the prior year, indicating a 29.5% increase[20] Assets and Taxation - The total assets of Qualcomm increased to $55.6 billion as of December 29, 2024, compared to $55.2 billion at the end of the previous quarter[14] - The effective tax rate for the quarter was impacted by a $164 million foreign currency loss related to a noncurrent receivable[29]