Qualcomm’s financial report for the first quarter of the fiscal year 2024, ending on December 24th, revealed a revenue of $9.935 billion in accordance with GAAP accounting standards. This represents a 5% increase compared to the same period last year. The company also reported a net profit of $2.767 billion.
In the past quarter, Qualcomm generated revenue of $6.687 billion from smartphone chip shipments, indicating a 16% growth. This surge in revenue may reflect the market’s recovery. However, the revenue from IoT chips experienced a 32% decline, amounting to $1.138 billion. On the other hand, the automotive sector witnessed a 31% increase, reaching $598 million in revenue.
Aside from these figures, Qualcomm has another segment of its business that generates revenue from licensing, known as QTL. However, this segment experienced a 4% decrease, with revenue totaling $1.46 billion.
In summary, Qualcomm’s first-quarter financial report demonstrates a positive trend with increased overall revenue and net profit. The company saw significant growth in smartphone chip sales, while facing challenges in the IoT chip market. Revenue from licensing also experienced a decline.
TLDR:
Qualcomm’s first-quarter financial report showcased a 5% increase in revenue, reaching $9.935 billion. The company reported a net profit of $2.767 billion. While smartphone chip sales surged by 16%, the IoT chip segment experienced a 32% decline. Revenue from licensing decreased by 4%. Overall, Qualcomm’s report highlights the company’s financial performance in various market segments.
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