Qualcomm reported its third quarter financial results for the fiscal year 2024 ending on June 23. The company recorded revenue of $9.393 billion, an 11% increase compared to the same period last year, with a net profit of $1.803 billion.
Revenue from the chip distribution business, QCT, increased by 12% to $8.069 billion. Specifically, revenue from the mobile phone segment reached $5.899 billion, up 12%, while the remaining revenue came from automotive and IoT. The licensing business, QTL, generated revenue of $1.273 billion, a 3% increase.
CEO Cristiano Amon shared insights during the earnings call, highlighting the impact of AI on the growth of the premium smartphone segment. While the overall smartphone market may show modest growth or remain stable, the premium segment is rapidly expanding.
Source: Qualcomm (pdf) and CNBC
TLDR: Qualcomm’s Q3 fiscal year 2024 results show an 11% increase in revenue, driven by growth in chip distribution and licensing businesses. CEO Cristiano Amon highlights the fast-paced expansion of the premium smartphone market fueled by AI technology.
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