• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Qualcomm Tops Estimates with Strong Handset Chip Sales in Q1, Shares Dip

Paul Balo by Paul Balo
February 1, 2024
in Uncategorised
Share on FacebookShare on Twitter

Qualcomm reported fiscal first-quarter results that exceeded analysts’ estimates, with a notable surge in sales of handset chips, up 16% from the previous year. While Qualcomm’s performance outpaced expectations, the company’s shares experienced a slight decline of more than 1% in extended trading. Here’s a breakdown of Qualcomm’s first-quarter results versus consensus expectations from LSEG, formerly known as Refinitiv:

  • Earnings per share: $2.75 adjusted, surpassing the $2.37 expected by analysts.
  • Revenue: $9.92 billion adjusted, higher than the $9.51 billion expected.

For the current quarter, Qualcomm provided guidance, anticipating adjusted earnings between $1.73 and $1.93 per share on revenue ranging from $8.9 billion to $9.7 billion. The consensus expectations, according to LSEG, were for earnings of $2.25 per share on $9.3 billion of revenue.

Qualcomm’s net income rose by 24% during the quarter to $2.77 billion, or $2.48 per share, compared to $2.24 billion, or $1.98 per share, a year ago. The company, known for producing smartphone chips, including modems and processors for high-end Android devices, has been diversifying its chip technology into markets beyond smartphones, such as PCs, cars, and virtual reality headsets.

Under the leadership of CEO Cristiano Amon, Qualcomm has expanded its focus to markets beyond smartphones, including PCs, cars, and virtual reality headsets. While still a significant smartphone supplier, Qualcomm has been navigating a slumping global market over the past two years.

During the December quarter, Qualcomm shipped $6.69 billion in handset chips, marking a 16% increase year over year—a positive indicator for the smartphone market after two years of declines. The company expressed optimism, expecting global handset sales to be flat year over year.

Qualcomm’s Internet of Things (IoT) business, which includes chips used in Meta’s virtual reality headsets, saw a 32% decline in sales to $1.13 billion. The company is actively pursuing opportunities in selling chips to automakers and car suppliers, with the automotive business within QCT (Qualcomm CDMA Technologies) reporting $589 million in sales, up 31% annually.

QCT, Qualcomm’s chip sales business encompassing automotive, IoT, and handsets, reported $8.42 billion in revenue during the quarter, reflecting a 7% increase year over year. The licensing business, QTL (Qualcomm Technology Licensing), reported $1.46 billion in revenue, experiencing a 4% annual decline.

Qualcomm highlighted its strategic focus on the automotive sector, targeting long-term growth in the segment. The company anticipates challenges in the automotive industry’s lengthy “qualification” cycle due to regulations and industry requirements.

Despite the slight dip in share value in after-hours trading, Qualcomm remains optimistic about its position in various markets and continues to invest in share repurchases and dividends. The company disclosed spending $800 million on share repurchases and $900 million on dividends during the quarter.

Related Posts:

  • Qualcomm Reports Impressive Quarterly Results Alongside Weak Fourth-quarter Guidance
    Qualcomm Reports Impressive Quarterly Results…
  • Qualcomm Reports Impressive Quarterly Results Amid…
  • Zoom’s Fiscal Second Quarter Revenue Falls Below…
  • Salesforce Reports Impressive Quarterly Results Alongside Weak Guidance For The Current Quarter And The Fiscal Full Year
    Salesforce Reports Impressive Quarterly Results…
  • Qualcomm Q3 Earning Beat, Q4 Guidance Comes Short
  • Win 2
    AMD Q4 Earnings Meet Expectations, but Q1 Forecast…
  • Cisco Reports Fiscal Fourth Quarter Earnings Results, Issues Better-than-expected Guidance For Its Full 2023 Fiscal Year
    Cisco Reports Fiscal Fourth Quarter Earnings…
  • Killings By Police March
    eBay Reports Better-than-expected Third Quarter…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Paul Balo

Paul Balo

Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Affiniti Raises $17M for AI-Powered Small Business Finance May 22, 2025
    • Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data May 22, 2025
    • Penfold, a Digital Pension Fintech Company Raises £3.9m May 22, 2025
    • Lagos Introduces Drone Monitoring To Increase Security May 22, 2025
    • Samsung Wallet Adds Tap-to-Transfer for P2P Payments May 22, 2025
    • MTN Launches MoMo Pay for Informal Payments Market May 22, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Affiniti Raises $17M for AI-Powered Small Business Finance

    Affiniti Raises $17M for AI-Powered Small Business Finance

    May 22, 2025
    Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data

    Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data

    May 22, 2025
    Penfold, a Digital Pension Fintech Company Raises £3.9m

    Penfold, a Digital Pension Fintech Company Raises £3.9m

    May 22, 2025
    Lagos Introduces Drone Monitoring To Increase Security

    Lagos Introduces Drone Monitoring To Increase Security

    May 22, 2025
    Google Adds Anti-Theft Protection to Android Phones

    Samsung Wallet Adds Tap-to-Transfer for P2P Payments

    May 22, 2025
    MTN Launches MoMo Pay for Informal Payments Market

    MTN Launches MoMo Pay for Informal Payments Market

    May 22, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok