Sunday, 15 June 2025
28.3 C
Singapore
28 C
Thailand
20 C
Indonesia
29.1 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, Qualcomm’s net income—after all expenses—totalled US$10.142 billion, marking a successful year overall. Much of this revenue came from Qualcomm’s semiconductor business, QCT (Qualcomm CDMA Technologies). The company’s handset business alone contributed nearly US$24.9 billion in revenue, reflecting strong demand for Qualcomm’s smartphone chipsets.

Growth driven by mobile platforms and new ventures

Qualcomm’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. Qualcomm’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 company’s robust revenue and profit figures indicate that it remains well-positioned for continued success in the years to come.

Hot this week

CMF Phone 2 Pro review: Playful power meets practical design

CMF Phone 2 Pro blends standout design, smooth performance and creative features into a lightweight phone that’s fun and practical to use.

Singapore Airlines and PALO IT test generative AI for faster software development

Singapore Airlines and PALO IT successfully trial Gen-e2, an AI-first software development approach powered by GitHub Copilot.

New Relic adds Model Context Protocol support to improve AI observability

New Relic adds MCP support to its AI Monitoring tool, enabling deeper visibility across AI agents, protocols, and backend systems.

Apple delays launch of smarter Siri, leaving AI fans waiting

Apple will delay AI-powered Siri until 2026 as WWDC 25 skips the update and focuses instead on other AI features and improvements.

Qualcomm to buy UK chipmaker Alphawave Semi for US$2.4 billion

Qualcomm will buy UK-based Alphawave Semi for US$2.4B to boost its data centre tech and expand beyond smartphone chips.

Hong Kong opens skies to larger drones in bid to grow low-altitude economy

Hong Kong will allow the testing of larger drones to boost its low-altitude economy and improve logistics, following mainland China's lead.

Hong Kong to build new AI supercomputing centre in bid to lead global tech race

Hong Kong plans a new AI supercomputing centre to boost its tech hub status and support growing start-ups across the Greater Bay Area.

Steam adds full native support for Apple Silicon Macs

Steam runs natively on Apple Silicon Macs, ditching Rosetta 2 for smoother performance and better gaming on M1 and M2 devices.

Amazon taps nuclear power to boost AWS cloud energy supply

Amazon signs a 1.92 GW nuclear energy deal with Talen to power AWS cloud and explore new small modular reactors in Pennsylvania.

Related Articles

Popular Categories