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.
