Qualcomm(US:QCOM)2024-05-01 20:06Financial Performance - Total revenues for the three months ended March 24, 2024, were $9,389 million, an increase of 1.2% from $9,275 million for the same period last year[19] - Operating income for the three months ended March 24, 2024, was $2,340 million, up 11.9% from $2,090 million in the prior year[19] - Net income for the three months ended March 24, 2024, reached $2,326 million, compared to $1,704 million for the same period last year, reflecting a year-over-year increase of 36.5%[19] - The company reported a basic earnings per share of $2.08 for the three months ended March 24, 2024, compared to $1.53 for the same period last year[19] - Comprehensive income for the six months ended March 24, 2024, was $5,173 million, up from $4,379 million in the same period last year, reflecting a 18.1% increase[21] - Net cash provided by operating activities for the six months ended March 24, 2024, was $6,503 million, compared to $4,552 million for the same period in 2023, indicating a 42.8% increase[23] - Total earnings before income taxes (EBT) for the three months ended March 24, 2024, was $2,498 million, an increase of 31.87% from $1,895 million for the same period in 2023[48] Assets and Liabilities - Cash and cash equivalents increased to $9,219 million as of March 24, 2024, from $8,450 million on September 24, 2023[18] - Total current assets rose to $24,232 million as of March 24, 2024, compared to $22,464 million on September 24, 2023[18] - Total liabilities decreased to $28,698 million as of March 24, 2024, from $29,459 million on September 24, 2023[18] - The company’s total assets increased to $53,167 million as of March 24, 2024, from $51,040 million on September 24, 2023[18] - Total stockholders' equity at the end of the period was $24,469 million, up from $19,698 million a year earlier, marking a 24.3% increase[25] Research and Development - Research and development expenses for the three months ended March 24, 2024, were $2,236 million, slightly higher than $2,210 million in the same quarter last year[19] Dividends - Dividends paid during the six months ended March 24, 2024, totaled $1,790 million, compared to $1,676 million in the same period last year, reflecting a 6.8% increase[23] - The company announced a dividend per share of $0.80 for the current period, up from $0.75 in the same period last year, an increase of 6.7%[25] - The quarterly dividend per share was increased from $0.80 to $0.85, effective for dividends payable after March 21, 2024[40] Revenue Breakdown - Total QCT revenues for the three months ended March 24, 2024, were $8,026 million, a 1.06% increase from $7,942 million in the same period last year[33] - Handset revenues for the three months ended March 24, 2024, reached $6,180 million, up from $6,105 million year-over-year[33] - Automotive revenues increased to $603 million for the three months ended March 24, 2024, compared to $447 million in the same period last year, representing a 34.93% growth[33] - IoT revenues decreased to $1,243 million for the three months ended March 24, 2024, down from $1,390 million year-over-year, a decline of 10.59%[33] - Revenues recognized from previously satisfied performance obligations were $55 million for the three months ended March 24, 2024, compared to $170 million in the same period last year[33] - QCT segment revenue for the three months ended March 24, 2024, was $8,026 million, a 1.06% increase from $7,942 million for the same period in 2023[48] - QTL segment revenue for the three months ended March 24, 2024, was $1,318 million, a 2.17% increase from $1,290 million for the same period in 2023[48] Cash Flow and Expenditures - The company reported a total of $9,219 million in cash and cash equivalents at the end of the period, compared to $3,782 million at the end of the same period last year, a significant increase of 143.5%[23] - The company incurred capital expenditures of $398 million for the six months ended March 24, 2024, down from $851 million in the same period in 2023, a decrease of 53.3%[23] Risks and Legal Matters - The company continues to face risks related to customer concentration, particularly in China, and potential impacts from U.S./China trade tensions[7] - The company has not recorded any accrual for contingent losses associated with pending legal matters as of March 24, 2024[46] - Trial for the ongoing litigation with Arm Ltd. is scheduled to begin on December 16, 2024[47] Marketable Securities - Marketable securities totaled $4,632 million as of March 24, 2024, with corporate bonds and notes comprising a significant portion[51] - The aggregate fair value of Qualcomm's outstanding fixed-rate notes was approximately $14.8 billion as of March 24, 2024[51] - The contractual maturities of available-for-sale debt securities included $1,728 million maturing in less than one year and $2,367 million maturing in one to five years[52] Derivative Instruments - The company reported a net unrealized loss on derivative instruments of $13 million for the three months ended March 24, 2024, compared to a gain of $16 million in the same period last year[21]