Wed Nov 06 22:10:00 UTC 2024: ## Qualcomm Reports Strong Q4 2024 Earnings, Driven by Growth in Automotive and IoT

**SAN DIEGO, CA – November 6, 2024** – Qualcomm Incorporated (NASDAQ: QCOM) today announced strong fourth quarter and fiscal year 2024 earnings, exceeding analyst expectations and highlighting continued growth in key segments, particularly automotive and the Internet of Things (IoT).

The company reported non-GAAP revenue of $10.2 billion and non-GAAP earnings per share of $2.69 for the fourth quarter, exceeding the high end of its guidance. Qualcomm’s chip segment, QCT, delivered revenues of $8.7 billion and EBITDA margin of 28%, with strength in both IoT and automotive. Notably, automotive revenues hit a record high for the fifth consecutive quarter, reaching $899 million, representing a 11% sequential increase and a 68% year-over-year growth.

“We are very pleased with our execution and financial performance in fiscal ’24,” said Akash Palkhiwala, Qualcomm’s Chief Financial Officer and Chief Operating Officer. “We delivered revenues of $39 billion and non-GAAP EPS of $10.22, a growth of 21% on a year-over-year basis.”

The company’s success can be attributed to its diversified business model, which includes automotive, industrial IoT, and networking solutions. “Qualcomm is well-positioned to capitalize on the opportunity across devices at the edge,” said Cristiano Amon, Qualcomm’s President and Chief Executive Officer. “We are transforming Qualcomm from a wireless communications company into a connected computing company for the age of AI.”

For the first quarter of fiscal 2025, Qualcomm forecasts revenue of $10.5 billion to $11.3 billion and non-GAAP EPS of $2.85 to $3.05. The company anticipates QCT handset revenues to grow by a mid-single-digit percentage on a year-over-year basis, driven by strong demand for its new Snapdragon 8 Elite platform.

“We look forward to seeing you in New York on November 19, where we will expand on these exciting product announcements with an update on our IoT and automotive diversification strategy,” said Palkhiwala.

Investors will be looking forward to Qualcomm’s Investor Day on November 19, where the company will provide further details on its growth strategy and financial outlook for the future.

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