Qualcomm Inc (QCOM, Financial) released its earnings report for the fiscal year 2023 on November 1, 2023. The company reported revenues of $35.8 billion, marking a 19% decrease from the previous fiscal year. Despite the overall decrease, the QCT Automotive segment of the company recorded record quarterly and fiscal year revenues.
Financial Performance Overview
For the fiscal year 2023, QCOM's GAAP EPS was $6.42, while Non-GAAP EPS was $8.43. The company's fourth quarter revenues were $8.631 billion, a 24% decrease from Q4 Fiscal 2022. Earnings before taxes (EBT) for the fourth quarter were $1.42 billion, a 59% decrease from the same period in the previous year. Net income for the fourth quarter was $1.489 billion, a 48% decrease from Q4 Fiscal 2022.
Segment Performance
The QCT segment reported revenues of $7.374 billion in Q4 Fiscal 2023, a 26% decrease from Q4 Fiscal 2022. However, the QCT Automotive segment saw a 15% increase in revenues, from $465 million in Q4 Fiscal 2022 to $535 million in Q4 Fiscal 2023. For the fiscal year 2023, the QCT segment reported revenues of $30.382 billion, a 19% decrease from the previous fiscal year.
Company's Outlook
CEO Cristiano Amon expressed satisfaction with the company's roadmap and product execution, stating, "As we enter fiscal 2024, we are pleased with our roadmap and product execution, which position us well across our businesses." The company's recent Snapdragon Summit announcements underscore its technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance.
Final Remarks
Despite the overall decrease in revenues, the record revenues in the QCT Automotive segment indicate a promising growth area for Qualcomm Inc (QCOM, Financial). The company's focus on technology leadership and product execution positions it well for future growth.
Explore the complete 8-K earnings release (here) from Qualcomm Inc for further details.
