Shares surged as much as 10 per cent in extended trading before settling at a four per cent gain.
The company earnt $2.69 against the $2.56 the cocaine nose jobs of Wall Street expected. Its revenue was $10.24 billion, compared to the $9.90 billion expected.
For the current quarter, Qualcomm expects revenue between $10.5 billion and $11.3 billion, with the midpoint surpassing consensus projections of $10.59 billion.
The company reported a substantial net income increase to $2.92 billion, or $2.59 per share, up from last year’s $1.49 billion, or $1.23 per share. Total revenue for fiscal 2024 reached $33.19 billion, marking a 9 per cent increase over the previous year.
Historically, Qualcomm’s fortunes have been closely linked to the smartphone industry, where it supplies chips for both high-end Android devices and Apple iPhones.
In October, Qualcomm launched its latest high-end smartphone chip, the Snapdragon 8 Elite, which will feature in 2025 devices. Handset chip sales rose 12 per cent to $6.1 billion, aligning with FactSet estimates, while Android revenue grew by more than 20 per cent year-over-year.
Under CEO Cristiano Amon, Qualcomm has diversified its focus, expanding into the automotive, PC, and industrial markets.
Qualcomm CFO Akash Palkhiwala said: "We will continue to transform Qualcomm from a wireless communications company into a connected computing company for the age of AI.”
The company’s automotive business, a major growth area, reported an 86 per cent increase in annual sales to $899 million and is expected to continue growing, with a forecasted 50 per cent rise in automotive sales for the current quarter.
Qualcomm also highlighted five consecutive quarters of automotive growth and billions of dollars in deals with automakers currently under development.
Qualcomm’s Internet of Things (IoT) segment, which includes chips for Meta’s Quest headsets, Ray-Ban Smart Glasses, and Windows laptops, saw revenue rise 22 per cent to $1.68 billion.
Qualcomm’s chip business, which includes handsets, automotive, and IoT chips, grew 18 per cent to $7.37 billion.
In addition to its core chip business, Qualcomm’s technology licensing arm, QTL, reported revenue of $1.52 billion, up 21 per cent year-over-year.
The company’s board has approved $15 billion in additional share buybacks. During the fourth quarter, Qualcomm repurchased $1.3 billion in shares and distributed $947 million in dividends.
