Qualcomm beats Q3 earnings expectations, strong chip sales in smartphones and automotive

From CNBC: 2024-07-31 20:26:26

Qualcomm reported better-than-expected fiscal third-quarter earnings, with revenue at $9.39 billion against the expected $9.22 billion. The company’s net income rose to $2.13 billion. Qualcomm expects sales in the current quarter to be between $9.5 and $10.3 billion, surpassing Wall Street’s expectations of $9.71 billion. Qualcomm’s strong performance is attributed to its chip business, especially in smartphones. Automotive chip sales also rose significantly, showing potential for future growth. The company also highlighted the successful launch of its new PC chip Snapdragon X Elite. Despite facing challenges like revoked export licenses, Qualcomm remains optimistic about its future growth and diversification.



Read more at CNBC:: Qualcomm (QCOM) earnings report Q3 2024