Qualcomm reported its second-quarter financial results for fiscal year 2024, ending on March 24. The company recorded revenue of $9.389 billion according to GAAP, a 1% increase from the same quarter in the previous year. Net income also rose to $2.326 billion.
CEO Cristiano Amon expressed satisfaction with the strong performance and higher profits than anticipated. Qualcomm is poised for growth and expanding product distribution. The QCT automotive group achieved record growth in the third quarter, with plans to release the Snapdragon X platform to support AI growth.
Qualcomm’s revenue is divided into two main business segments: QCT, which distributes chips, saw a 1% revenue increase to $8.026 billion, with smartphones accounting for $6.180 billion and automotive $603 million, marking a 35% increase. The QTL licensing business reported revenue of $1.318 billion, a 2% increase.
TLDR: Qualcomm reported positive second-quarter financial results, with increased revenue and net income. The company is focused on growth and expanding product offerings, particularly in the automotive and AI sectors.
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