What you must know
- Qualcomm introduced its Q1 FY2024 monetary earnings on Wednesday with a reported $9.9 billion in complete income.
- Handsets gross sales rose by 16%, whereas automotive noticed an uptick of 31% in gross sales this quarter.
- The agency is engaged on enhancing its XR expertise with Google and Samsung.
Qualcomm introduced its Q1 monetary earnings for fiscal yr 2024 on Wednesday, posting a ‘sturdy’ Q1 primarily based on its handsets and automotive gross sales. The corporate reported $9.9 billion in complete income, a 5% uptick in comparison with the $9.4 billion reported through the first quarter of 2023.
“We’re extraordinarily happy to report sturdy quarterly outcomes, with revenues and EPS exceeding the excessive finish of our steerage,” stated Cristiano Amon, president and CEO of Qualcomm.
Whereas Qualcomm designs and manufactures chipsets for smartphones, automotive, VR headsets, and different gadgets, the primary contributors to the income on this quarter have been the revenues streaming from the gross sales of handsets and automotive.
In response to their report, the corporate gained $6.6 billion in gross sales of handset chips, a 16% bump from the identical time final yr ($5.7 billion).
With the launch of a number of flagship telephones within the first quarter and the vacation season, Qualcomm noticed an increase in its QTC gross sales in comparison with Q3 in 2023, attributing its handset income to premium telephones launching through the quarter with its newest gen AI-focused Snapdragon 8 Gen 3.
Samsung not too long ago launched the Galaxy S24 collection, and the Galaxy S24 Extremely makes use of the chip globally. The Galaxy S24 and S24 Plus use the chip in choose markets, together with North America, whereas Exynos is utilized in worldwide markets, a big shift from the world share Qualcomm had with all three Galaxy S23 fashions. Though these telephones launched within the present quarter, the corporate expects to see its income contributions in Q2, with estimates for handset gross sales progress within the excessive single digits or low double digits.
“I feel you must have a look at the launch of the Galaxy S24 as a superb proxy and the way they need to take into consideration the settlement between us and Samsung,” Amon stated through the earnings name on Wednesday, teasing that the corporate is “aiming to have the management place and the cellular efficiency on CPU” with its upcoming customized CPU constructed utilizing Oryon cores.
Relating to automotive revenues, Qualcomm noticed a pointy rise in gross sales with $598 Million, a 31% rise on a year-on-year foundation. This displays the elevated content material in new car launches, with 75 new fashions launched commercially in 2023 with Snapdragon Digital Chassis.
“We’re happy to work with Bosch to have our Snapdragon Trip Flex SoC allow their new central car laptop, additional underscoring our shared dedication to technological innovation inside automotive,” stated Nakul Duggal, group GM for Automotive, Industrial, and Cloud at Qualcomm.
Qualcomm additionally not too long ago expanded its blended actuality options with the announcement of the Snapdragon XR2+ Gen 2. This might energy Samsung’s long-awaited mixed-reality headset, presumably known as Samsung Glasses, and the Meta Quest 3.
The chip helps 4.3k per eye decision at 90 frames per second in 12 or extra concurrent cameras for immersive blended actuality and digital actuality experiences.
“We’re proud to accomplice with Samsung and Google to supply main XR experiences to Galaxy customers by using Snapdragon XR2+ Gen 2,” Amon added on the earnings name.
Whereas the corporate’s QTC and QTL gross sales noticed an affordable achieve, the IoT noticed a 32% dip in gross sales, with $1.1 billion in earnings this quarter.
Qualcomm’s CEO, Cristiano Amon, concluded the decision by saying that Qualcomm is targeted on what it might management and is busy at work with the expansion and diversification of the corporate.
“We’re monitoring the launch of merchandise with the Snapdragon X Elite chipset tied with the following model of Microsoft Home windows. They’ve lots of Home windows AI capabilities,” Amon added.
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