Key TakeawaysQualcomm shares jumped more than 4% in extended trading on Wednesday after the mobile phone chipmaker issued a better-than-expected current-quarter outlook amid growing demand for AI-equipped premium smartphones.The company reported a 40% jump in quarterly revenue from Chinese phone manufacturers.Monitor how the Qualcomm share price responds to two twin peaks that formed in March and April around $176. Qualcomm (QCOM) shares jumped more than 4% in extended Wednesday after the mobile phone chip ...

Qualcomm (QCOM) reported $9.39 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 1.2%. EPS of $2.44 for the same period compares to $2.15 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $9.32 billion, representing a surprise of +0.74%. The company delivered an EPS surprise of +6.09%, with the consensus EPS estimate being $2.30.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Financial Data and Key Metrics Changes - In Fiscal Q2, Qualcomm reported non-GAAP revenues of $9.4 billion and non-GAAP earnings per share of $2.44, exceeding the high end of guidance [7][14] - The chipset business generated revenues of $8 billion, driven by strong demand for Android smartphones and automotive [7][14] - Licensing business revenues were $1.3 billion, with an EBT margin of 71% [14] Business Line Data and Key Metrics Changes - QCT (Qualcomm CDMA Technologies) revenues were $8 billion, with an EBT margin of 29%, reflecting strength in handset and automotive sectors [14] - QCT handset revenues reached $6.2 billion, benefiting from flagship Android smartphone launches [14] - QCT IoT revenues increased by 9% sequentially to $1.2 billion, slightly better than expectations [14] - Automotive revenues grew by 35% year-over-year, indicating a record quarter for QCT automotive [14] Market Data and Key Metrics Changes - Qualcomm's design win pipeline in automotive has increased to approximately $45 billion, up from $30 billion in September 2022 [9][18] - The company noted a greater than 40% year-over-year increase in revenues from Chinese OEMs in the first half of fiscal 2024 [18] Company Strategy and Development Direction - Qualcomm is focusing on intelligent computing across various sectors, including smartphones, PCs, XR devices, and automotive [8][13] - The launch of the Qualcomm AI Hub aims to support the commercialization of on-device AI applications [8] - The company is optimistic about growth opportunities in automotive, IoT, and AI-driven devices [13][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the premium smartphone market in China, driven by an increase in high-tier device sales [24][25] - The company anticipates a seasonal decline in QCT handset revenues in the upcoming quarter, but expects growth in automotive revenues [16][27] - Management highlighted the importance of AI in driving demand for new devices and enhancing user experience [45][56] Other Important Information - Qualcomm announced an increase in quarterly dividends from $0.80 to $0.85 per share [15] - The company completed the divestiture of its restrained control system business related to the acquisition of Veoneer [15] Q&A Session Summary Question: Inquiry about the impact of AI on handset modem and RF architecture - Management noted that the modem's importance is increasing with AI applications, emphasizing their competitive RF front end portfolio [20][22] Question: Details on the performance in the China market - Management indicated that the premium and high-tier mix is improving in China, with strong demand for devices powered by Snapdragon [24][25] Question: Sustainability of automotive revenue growth - Management confirmed that the design win pipeline is translating into revenue, with a target of over $4 billion in automotive revenue by fiscal 2026 [27] Question: Outlook for the PC segment - Management stated that significant PC volume is not expected in the June quarter, with material growth anticipated in fiscal 2025 [35][36] Question: Revenue expectations from Huawei - Management clarified that no further product revenue from Huawei is expected beyond the end of the calendar year, as they transition to 5G [39] Question: QTL business recovery - Management explained that the QTL business is driven by market size and ASPs, with a disconnect between QCT and QTL performance [42] Question: AI's impact on semiconductor pricing - Management highlighted that AI is driving increased content in devices, leading to a richer mix and potential for higher ASPs [54][56] Question: QCT gross margins outlook - Management indicated that QCT gross margins have held flat, with no fundamental changes expected in the margin framework going forward [58] Question: Growth expectations for automotive revenue - Management suggested a reasonable growth slope towards the $4 billion target, without providing specific quarter guidance [60]

Qualcomm (QCOM) came out with quarterly earnings of $2.44 per share, beating the Zacks Consensus Estimate of $2.30 per share. This compares to earnings of $2.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.09%. A quarter ago, it was expected that this chipmaker would post earnings of $2.38 per share when it actually produced earnings of $2.75, delivering a surprise of 15.55%.Over the last four quarters, the company has su ...

Key TakeawaysQualcomm shares rose in extended trading Wednesday after the chipmaker reported fiscal second-quarter earnings that beat analysts' estimates.The company's revenue rose 1% from a year ago to $9.39 billion, while net income grew 14% to $2.33 billion.The chipmaker cited strong demand from Chinese phonemakers and record Qualcomm CDMA Technologies (QCT) automotive sales as having contributed to its results. Qualcomm also highlighted its expanding offerings with artificial intelligence capabilities a ...

Second Quarter Fiscal 2024 Earnings May 1, 2024 Note Regarding Forward-Looking Statements In addition to historical information, this document and the conference call that it accompanies contain forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to: statements regarding our growth and diversification opportunities, including those in Automotive, IoT and the artificial intelligence (AI) space; our business, product and technology strategies, including ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Financial 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]

Exhibit 99.1 FOR IMMEDIATE RELEASE Qualcomm Contact: Mauricio Lopez-Hodoyan Vice President, Investor Relations Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com Qualcomm Announces Second Quarter Fiscal 2024 Results Revenues: $9.4 billion GAAP EPS: $2.06, Non-GAAP EPS: $2.44 —QCT Automotive: Design Win Pipeline Now Approximately $45 Billion1— —Increased Quarterly Cash Dividend to $3.40 Annualized Payout Per Share— SAN DIEGO - May 1, 2024 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fi ...

Qualcomm has a multibillion-dollar buyback, but it's not the shareholder windfall you might think.Tech giant Qualcomm (QCOM -1.98%) makes leading modem chips for smartphones and owns the key patents in cellular technology. Qualcomm has also recently invested in new growth markets such as automotive and Internet of Things chips.As a large technology blue chip stock, Qualcomm has also been a regular repurchaser of its own stock. But how effective have these repurchases really been?$2.05 billion, but there's a ...