Qualcomm Reports Strong Fiscal Second Quarter Results
Record Revenue and Earnings Driven by Growth in Mobile and Automotive Businesses
Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal second quarter ended March 24, 2024. The company reported record revenue and earnings, driven by strong growth in its mobile and automotive businesses.
Revenue for the quarter was $11.0 billion, an increase of 36% year-over-year. Non-GAAP revenue was $10.9 billion, an increase of 37% year-over-year. Earnings per share were $2.61, an increase of 55% year-over-year. Non-GAAP earnings per share were $2.83, an increase of 59% year-over-year.
The mobile business was the primary driver of growth in the quarter. Revenue from this segment increased by 40% year-over-year to $7.6 billion. This growth was driven by strong demand for Qualcomm's Snapdragon mobile platforms, which are used in a wide range of smartphones and tablets.
The automotive business also saw strong growth in the quarter. Revenue from this segment increased by 59% year-over-year to $1.6 billion. This growth was driven by increasing demand for Qualcomm's automotive chips, which are used in a variety of connected and autonomous vehicles.
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