QUALCOMM INC/DE Quarterly Report for Q3 Ended Jun 23, 2024

Summary

QUALCOMM Inc./DE (QCOM) reported a strong third quarter for fiscal year 2024, with total revenues increasing by 11% year-over-year to $9.39 billion and net income rising by 18% to $2.13 billion. This growth was primarily driven by a robust performance in the QCT (Qualcomm CDMA Technologies) segment, which saw a 12% revenue increase, bolstered by higher handset and automotive revenues. The QTL (Qualcomm Technology Licensing) segment also contributed positively with a 3% revenue increase. Despite global economic uncertainties and intense competition, QUALCOMM demonstrated solid operational execution. The company's balance sheet remains strong, with total assets of $52.74 billion and total stockholders' equity of $24.67 billion as of June 23, 2024. The company continued its capital return program, repurchasing shares and paying dividends, indicating confidence in its financial health and future prospects. Investors should note the ongoing legal proceedings and risk factors disclosed, particularly those related to supply chain dependencies, geopolitical tensions, and competition, which are critical considerations for evaluating the company's long-term outlook.

Key Highlights

• 1Total revenues increased 11% year-over-year to $9.39 billion in Q3 FY24.
• 2Net income grew 18% year-over-year to $2.13 billion in Q3 FY24.
• 3QCT segment revenue increased 12% driven by higher handset and automotive sales.
• 4QTL segment revenue increased 3% driven by higher estimated sales of 3G/4G/5G-based multimode products.
• 5Diluted earnings per share (EPS) were $1.88 in Q3 FY24, up from $1.60 in Q3 FY23.
• 6The company has $2.3 billion remaining under its $10 billion stock repurchase program.
• 7QUALCOMM paid $2.7 billion in dividends for the first nine months of fiscal 2024.

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