Qualcomm Incorporated: Heavy Investments in On-Device AI and IoT

Qualcomm has reported its Q1 fiscal year 2024 results, highlighting robust revenue growth across various business segments. In the first fiscal quarter, non-GAAP revenues reached $9.9 billion and non-GAAP earnings per share were $2.75 which is above the high end of the company’s guidance. Healthy Android demand coupled with momentum in automotive drove revenues of $8.4 billion from the chipset business, while the licensing business posted revenues of $1.5 billion. Further increases are anticipated as the company recently extended a multi-year agreement with Samsung for its Snapdragon platforms, starting in 2024.