Qualcomm’s fourth-quarter financial report for the fiscal year 2023, which ended on September 24, reveals a revenue of $8.631 billion, a 24% decrease compared to the same period last year. Despite the decline, the company still managed to generate a net profit of $1.489 billion.
Breaking down the revenue by business segment, the QCT group, responsible for chip production, recorded a revenue of $7.374 billion, marking a 26% decrease. This decline can mainly be attributed to a drop in smartphone sales by 27%. Additionally, the IoT segment also experienced a decline of 31%, while the aerospace division saw an increase of 15%.
During the earnings announcement, Qualcomm’s CFO, Akash Palkhiwala, noted that the company is starting to witness a growing demand for smartphones across the globe, encompassing 3G, 4G, and 5G technologies. This positive signal comes after a period of reduced demand due to the COVID-19 pandemic.
In summary, Qualcomm’s fourth-quarter financial report for 2023 demonstrates a decrease in overall revenue, with the QCT group being heavily impacted by declining smartphone sales. However, the aerospace segment showed growth, and there are signs of a rebound in smartphone demand across different generations of mobile technology.
TLDR: Qualcomm reported a decline in revenue for the fourth quarter of 2023, with a significant decrease in smartphone sales. Despite this, the company still achieved a net profit, and there are indications of a recovery in the smartphone market worldwide. The aerospace segment experienced growth while other divisions faced declines.