From CNBC:

Qualcomm CEO Cristiano Amon spoke at CES 2024 in Las Vegas, Nevada. The company reported fiscal first-quarter results that topped analysts’ estimates. Sales of handset chips jumped 16% from a year earlier. Earnings per share were $2.75 adjusted vs. $2.37 expected, with revenue at $9.92 billion adjusted vs. $9.51 billion expected. Qualcomm expects adjusted earnings of $1.73-1.93 per share on revenue of $8.9-9.7 billion for the current quarter.

Net income rose 24% to $2.77 billion. Despite the smartphone market slump, Qualcomm shipped $6.69 billion in handset chips, up 16% from the previous year. Samsung’s high-end Galaxy phones launched in January use Qualcomm processors, with a new deal in place for the coming years. Notably, Meta’s virtual reality headsets include chips from Qualcomm, which saw a 32% sales decline.

Qualcomm’s nascent automotive business, part of QCT, reported $589 million in sales, up 31% on an annual basis. QCT, which includes automotive, Internet of Things, and handsets, totaled $8.42 billion in revenue. QTL, the company’s licensing business, reported $1.46 billion in revenue, with Apple extending its patent licensing agreement. Qualcomm spent $800 million on share repurchases and $900 million on dividends during the quarter.



Read more: Qualcomm (QCOM) earnings report Q1 2024