Qualcomm has revealed its financial performance for its fiscal third quarter ended June 23, 2024 and key account wins.
Qualcomm has reported revenue of $9,393 million (up 11 percent) with net income of
$2,129 million during April-June 2024.
Qualcomm is targeting sales revenue of $9.5 billion – $10.3 billion during the current quarter.
Handsets
Qualcomm has generated sales revenue of $5,899 million from (up 12 percent) Handsets.
Qualcomm will reveal details of Snapdragon 8 flagship mobile platform — powered by Qualcomm Oryon CPU — at Snapdragon Summit in October.
The latest Canalys research reveals that the smartphone market grew 12 percent to 288.9 million units in Q2 2024. Smartphone market is forecast to grow in the mid-single digits in 2024, driven by recovering inventory levels, eased import restrictions and a better economic climate.
IoT
Qualcomm has generated sales revenue of $1,359 million from (down 8 percent) IoT.
Qualcomm said Copilot+ PCs, powered by Snapdragon X Series platforms, are available across 20 countries and 47 retailers with 20 devices launched by major PC players including Microsoft, Dell, HP, Lenovo, Acer, Asus and Samsung.
There is positive momentum in XR, particularly the success of Meta’s Ray-Ban smart glasses. Sales are exceeding expectations, due in part to the integration of Llama. There will be an acceleration in demand for extended and mixed reality devices enabled by generative AI.
Qualcomm will announce dedicated product roadmap for industrial IoT, including support for multiple operating systems, the ability to run multi-billion parameter AI models and a development platform.
The PC market increased 3.4 percent to 62.8 million units in Q2 2024. Shipments of notebooks (including mobile workstations) grew 4 percent to 50 million units. AI PC adoption will enhance over the next four quarters, Canalys said.
Automotive
Qualcomm has generated sales revenue of $811 million from (up 87 percent) Automotive.
Qualcomm secured more than 10 design wins with global automakers during the quarter including next-generation digital cockpit, connectivity, and/or ADAS and autonomy.
Snapdragon Digital Chassis, available for all OEMs, is a key asset for the automotive industry. Qualcomm is focusing on extending on-device AI solutions to the Snapdragon Digital Chassis to enable automotive-centric generative AI use cases and applications.
“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,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.
Snapdragon X Elite will be powering Acer Swift 14 AI, Asus Vivobook S 15, Dell Latitude 7455, HP EliteBook Ultra, Lenovo ThinkPad T14S, Lenovo Yoga Slim 7x, Samsung Galaxy Book4 Edge, Dell XPS 13 Microsoft Surface Pro, HP OmniBook X, and Microsoft Surface laptop.
Snapdragon X Plus will be powering Acer Swift 14 AI, Asus Vivobook S 15, Dell Inspiron 14, Dell Inspiron 14 Plus, Dell Latitude 7455, Dell Latitude 5455 and Microsoft Surface laptop.
Baburajan Kizhakedath
