Qualcomm Announces Second Quarter Fiscal 2024 Results
Record Quarterly Revenue and Non-GAAP EPS Propelled by Robust Demand
Strong Performance Across All Business Segments Drives Growth
Qualcomm Incorporated (NASDAQ: QCOM) today announced financial results for its second quarter of fiscal 2024, which ended September 24, 2023. The company reported record quarterly revenue and Non-GAAP earnings per share (EPS), driven by robust demand for its products and technologies.
Revenue for the quarter totaled $13.89 billion, an increase of 12% year-over-year. This growth was driven by strong demand for Qualcomm's smartphone chipsets, automotive solutions, and Internet of Things (IoT) products.
Non-GAAP EPS for the quarter was $2.96, an increase of 23% year-over-year. This growth was fueled by the company's strong revenue performance and margin expansion.
Qualcomm's growth was driven by all of its business segments. The company's QCT segment, which includes its smartphone chipsets and other mobile products, saw revenue growth of 14% year-over-year. The company's automotive segment saw revenue growth of 59% year-over-year, driven by strong demand for its automotive chips and software. The company's IoT segment saw revenue growth of 19% year-over-year, driven by demand for its IoT solutions in areas such as smart homes and connected cars.
Qualcomm also announced that it has entered into a new agreement with Apple Inc. for the supply of chipsets. The new agreement will cover the supply of chipsets for Apple's upcoming iPhone and iPad models.
Cristiano Amon, President and CEO of Qualcomm, commented on the company's performance, saying, "We had a record quarter driven by robust demand for our products and technologies across all of our business segments. Our strong execution and focus on innovation continue to drive our growth and position us for continued success in the future."
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