Qualcomm has unveiled its financial results for the third quarter of fiscal year 2024, which concluded on June 23, 2024. The company reported a revenue of $8.44 billion for the quarter, reflecting robust performance despite a slight dip from the previous quarter. This aligns with Qualcomm’s revenue guidance and underscores the effectiveness of its growth and diversification strategy.
Cristiano Amon, President and CEO of Qualcomm Incorporated, expressed enthusiasm about the company’s performance, noting, “Our third-quarter results reflect strong execution of our growth and diversification strategy, with QCT quarterly revenues and EBT margins at the high end of guidance.” He also highlighted the launch of Qualcomm’s Snapdragon X Series solutions for PCs, which are set to offer leading performance, superior power efficiency, and personalized AI experiences.
The Qualcomm CDMA Technologies (QCT) division contributed $6.79 billion to the total revenue, boasting an impressive 32% earnings before taxes (EBT) margin. The company’s diluted earnings per share (EPS) for the quarter stood at $1.50, with net income reaching $1.69 billion. Cash flow from operations was reported at $2.6 billion.
A detailed revenue breakdown reveals that mobile handsets generated $4.54 billion, the RF front-end segment contributed $1.04 billion, automotive applications brought in $460 million, and the Internet of Things (IoT) sector added $750 million. The Qualcomm Technology Licensing (QTL) segment, with a 73% EBT margin, provided $1.25 billion in revenue. Meanwhile, Qualcomm Strategic Initiatives (QSI) reported a $400 million loss, attributed to ongoing investments in innovative technology. Research and development expenses totaled $2.1 billion, representing 25% of the company’s total sales.
In addition to financial performance, Qualcomm returned $1.3 billion to shareholders through dividends and share repurchases. The company’s strategic focus on 5G technology and the introduction of the Snapdragon X Series for PCs demonstrate its commitment to maintaining technological leadership and addressing emerging market demands. The increased demand for Qualcomm’s products in the IoT and automotive sectors highlights the growing significance of these areas in the company’s overall growth trajectory.
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