Friday, 14 March 2025
28.3 C
Singapore
34.9 C
Thailand
21.8 C
Indonesia
27.8 C
Philippines

Qualcomm reports strong Q4 and fiscal year 2024 results with US$10.1 billion in profit

Qualcomm reported strong 2024 results, with US$39 billion in revenue and US$10.1 billion in profit, driven by mobile platforms and new tech ventures.

Qualcomm has revealed its financial results for the fourth quarter and full fiscal year 2024, reporting impressive growth. For the year ending on September 29, 2024, the company earned a total revenue of US$39 billion, a significant milestone for the tech giant.

In a statement, Christiano Amon, Qualcomm’s President and CEO, highlighted a 30% year-on-year increase in earnings per share (EPS). According to the official earnings release, Qualcomm posted an EPS of US$8.97 based on generally accepted accounting principles (GAAP).

For the fiscal year, Qualcommโ€™s net incomeโ€”after all expensesโ€”totalled US$10.142 billion, marking a successful year overall. Much of this revenue came from Qualcommโ€™s semiconductor business, QCT (Qualcomm CDMA Technologies). The companyโ€™s handset business alone contributed nearly US$24.9 billion in revenue, reflecting strong demand for Qualcommโ€™s smartphone chipsets.

Growth driven by mobile platforms and new ventures

Qualcommโ€™s success in mobile remains central to its revenue growth. The company continues playing a crucial role in the smartphone industry, featuring its Snapdragon processors in many high-end 2024 flagship devices. Phones like the Xiaomi 14 Ultra, Samsung Galaxy S24 Ultra, Samsung Galaxy Z Fold 6, and Honor Magic 6 Pro all use Qualcomm’s mobile platforms. These collaborations with major phone brands are a key factor driving the company’s strong financial performance.

Beyond smartphones, Qualcomm is expanding into new markets. The company has made significant strides in automotive technology and Internet of Things (IoT) devices while pushing forward with licensing deals. Qualcommโ€™s diversified approach ensures that it is not dependent on the mobile sector.

In its earnings presentation, Qualcomm also showcased its upcoming products, including the Snapdragon 8 Elite mobile platform, which is expected to be a flagship offering for Android smartphones in 2025. The company also introduced its new Oryon CPU, which will power future automotive systems and AI-powered personal computers (PCs).

Challenges and workforce reduction

Despite the solid financial results, Qualcomm faced some challenges during the year. The company announced a workforce reduction in September, laying off 226 employees from its engineering headquarters. This move was part of a broader effort to streamline operations and reduce costs.

The decision to reduce the workforce came just before Qualcomm’s fiscal year ended. However, the company did not specify whether the layoffs were tied directly to its financial performance. These layoffs reflect the challenges that even successful companies face as they navigate changing market conditions.

Qualcomm’s fiscal year 2024 results highlight a period of strong financial performance and strategic growth in several key areas. While there were setbacks, such as the employee layoffs, the companyโ€™s robust revenue and profit figures indicate that it remains well-positioned for continued success in the years to come.

Hot this week

Microsoft expands AI Pinnacle Program with new industry partnerships in Singapore

Microsoft expands its AI Pinnacle Program in Singapore with new industry partnerships, AI research collaborations, and initiatives to upskill local talent.

PlayStation 5 Pro to feature improved graphics with FSR 4 integration

Sony will upgrade PS5 Pro graphics in 2026 with AMDโ€™s FSR 4-based upscaling, enhancing visuals and stability through AI-driven improvements.

Meta introduces new fact-checking system for Facebook, Instagram, and Threads

Meta is launching Community Notes on Facebook, Instagram, and Threads in the US on March 18, aiming to improve fact-checking with a crowdsourced system.

Salesforce to invest US$1 billion in Singapore over five years

Salesforce is investing US$1 billion in Singapore over five years to drive AI innovation, expand workforce development, and enhance local data residency.

ASUS launches global giveaway with gaming hardware worth US$13,000

ASUS launches a global giveaway worth US$13,000, offering motherboards, CPUs, graphics cards, and more. Enter by 17 April 2025.

Blueskyโ€™s CEO trolls Mark Zuckerberg with a viral T-shirt that sells out in minutes

Blueskyโ€™s CEO Jay Graber trolled Mark Zuckerberg with a Latin T-shirt at SXSW, selling out replicas in 30 minutes. Here's why it struck a chord.

Oracle could be the leading choice to manage TikTok in the US

Oracle is reportedly the top choice to manage TikTokโ€™s US operations as ByteDance seeks a deal before the April deadline. Uncertainty remains.

Android introduces Auracast support for hearing aids in public audio broadcasts

Android 16 will add Auracast support, allowing hearing aids to connect directly to public audio broadcasts.

AI startup Sesame unveils base model for its voice assistant

AI startup Sesame has released CSM-1B, the base model behind its voice assistant Maya, raising concerns over voice cloning risks and safeguards.

Related Articles