Qualcomm Q3 2024 hits new height thanks to Snapdragon X Elite PC chip launch
It's been a quarter for Qualcomm
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Key notes
- Qualcomm’s Q3 2024 earnings beat forecasts with strong phone chip and automotive sales.
- Adjusted EPS was $2.33, and revenue was $9.39 billion; automotive revenue surged 87%, while IoT revenue fell 8%.
- Despite a 1% stock dip post-earnings, Qualcomm’s stock is up 45% year-to-date.
Qualcomm Q3 2024 results have just recently been posted. The San Diego tech giant reported better-than-expected fiscal third-quarter earnings, driven by a 12% jump in phone chip sales and strong performances in its IoT and automotive segments.
The company posted adjusted earnings per share of $2.33, exceeding the anticipated $2.25, and revenues of $9.39 billion, surpassing the expected $9.22 billion. Handset sales, Qualcomm’s largest segment, rose to $5.9 billion, and automotive revenues surged 87% to $811 million.
“Our third quarter results reflect strong execution of our growth and diversification strategy, with QCT quarterly revenues and EBT margins at the high end of guidance,” Qualcomm boss Cristiano Amon says.
Despite initial gains, however, Qualcomm’s stock dipped 1% in extended trading, but its year-to-date overall goes up by 45% while Intel’s dropped by 30%. The revival is marked by a recovering smartphone market, increased demand from China, and growing interest in AI.
Internet of Things (IoT) revenues also declined 8% year-over-year to $1.4 billion.
The company also promises to showcase its new Snapdragon 8 mobile platform, featuring the Qualcomm Oryon CPU and improved NPU AI, at the Snapdragon Summit in October.
Snapdragon X Series powers Microsoft’s Copilot+-certified hardware exclusively, at least for now, with 45 TOPS (trillion operations per second) thanks to Qualcomm’s Hexagon NPU and unique features like Recall and Live Captions.
Asus Vivobook S 15, Dell XPS 13, HP EliteBook Ultra, Microsoft Surface Laptop 15, and Surface Pro are some of the first products that adopt this technology.
