Qualcomm Inc (NAS:QCOM)

$ 156.98 -2.118 (-1.33%) Market Cap: 174.40 Bil Enterprise Value: 175.74 Bil PE Ratio: 17.46 PB Ratio: 6.65 GF Score: 86/100

Q2 2024 Qualcomm Inc Earnings Call Transcript

May 01, 2024 / 08:45PM GMT

Release Date Price: $164.11 (-1.05%)

Transcript 10-Q8-K

Key Points

Positve

Qualcomm Inc (QCOM) reported strong non-GAAP revenues of $9.4 billion and non-GAAP earnings per share of $2.44, surpassing the high end of guidance.
The company's chipset business generated $8 billion in revenue, driven by robust demand for premium tier Android smartphones and growth in the automotive sector.
Significant progress in technology and product roadmaps, particularly in on-device GenAI applications, with the launch of the Qualcomm AI Hub.
Record growth in QCT Automotive revenues, which increased by 35% year-over-year, with a design-win pipeline now valued at approximately $45 billion.
Continued leadership in 5G technology with the introduction of the Snapdragon X80, the world's most advanced 5G Modem-RF System.

Negative

Guidance for the third fiscal quarter reflects a seasonal decline in QCT handset revenues, expected to decrease by a mid-single-digit percentage sequentially.
Potential market saturation and competitive pressures in the smartphone segment, particularly with the absence of flagship handset launches in the upcoming quarter.
Challenges in the IoT segment, although recovering, still faces gradual recovery from macroeconomic factors impacting the industry.
Dependence on the Chinese market for a significant portion of revenue growth, which poses risks if geopolitical tensions or economic conditions in China worsen.
End of revenue from Huawei's product business in 2025 as the market transitions to 5G, removing a source of income for Qualcomm.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Second Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded May 1, 2024. The playback number for today's call is (877) 660-6853, International callers, please dial (201) 612-7415. The playback reservation number is 13745532.

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

Mauricio Lopez;Hodoyan

QUALCOMM Incorporated - Vice President of Investor Relations

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala, in addition, Alex Rogers will join the question-and-answer session.

You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today. During the call today,

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