Qualcomm(US:QCOM) Xin Lang Cai Jing·2025-11-07 12:52Core Viewpoint - Qualcomm's FY25 Q4 financial results show a mixed performance with a significant net loss attributed to one-time tax expenses, while non-GAAP profits indicate a slight growth, highlighting the need for new growth drivers in the face of potential market challenges [3][15]. Financial Performance - Revenue for FY25 Q4 reached $11.27 billion, marking a 10% year-over-year increase and a 9% quarter-over-quarter increase [3]. - GAAP gross margin was 55.3%, down 1.1 percentage points year-over-year and 0.3 percentage points quarter-over-quarter [3]. - GAAP net loss was $3.12 billion, primarily due to one-time tax provisions, while non-GAAP net profit was $3.26 billion, reflecting a 7% increase both year-over-year and quarter-over-quarter [3]. - The company expects FY26 Q1 revenue to be between $11.8 billion and $12.6 billion, indicating a 5% year-over-year growth at the midpoint, but a 10% decline in non-GAAP net profit [3]. Business Segments - Mobile segment revenue was $6.96 billion, up 14% year-over-year and 7% quarter-over-quarter, accounting for 62% of total revenue [6]. - Automotive segment revenue reached $1.05 billion, showing a 17% year-over-year increase and a 7% quarter-over-quarter increase, maintaining a 9% revenue share [8]. - IoT segment revenue was $1.81 billion, with a 7% year-over-year and quarter-over-quarter growth, representing 16% of total revenue [10]. Strategic Initiatives - Qualcomm announced a $2.4 billion acquisition of AlphaWave, aimed at entering the data center CPU and AI inference chip market by FY28 [14]. - The company launched AI200/AI250 inference systems, targeting data center AI applications with plans for mass production by 2026-2027 [14]. - Management highlighted the strategic importance of a competitive, high-efficiency CPU (Orion) expected to complete the AlphaWave acquisition by early 2026 [15]. Market Exposure - Qualcomm's largest customer contributed 21% of revenue, with significant exposure to Apple, which accounts for at least 20% of total revenue [3]. - The company's revenue breakdown shows 46% from China, 24% from the U.S., and 21% from South Korea, indicating a heavy reliance on the Chinese market amid geopolitical tensions [15].