Qualcomm quarterly profit rises 25% on new automotive and IoT segment growth
A car with new Qualcomm Snapdragon technology. (File photo from Qualcomm Twitter feed) Qualcomm reported Wednesday that its earnings grew by 25% in the third fiscal quarter ended June 19 on a 10% increase in revenue. The San Diego-based wireless pioneer earned $2.67 billion, or $2.43 per share, in the latest quarter, compared to $2.13 billion, or $1.88 per share, in the same quarter last year. Revenue grew to $10.4 billion from $9.4 billion. “Another quarter of strong growth in QCT Automotive and IoT revenues further validates our diversification strategy and confidence in achieving our long-term revenue targets,” said Cristiano Amon, president and CEO. “Our leadership in AI processing, high-performance and low-power computing and advanced connectivity positions us to become the industry platform of choice as AI gains scale at the edge,” he said. The company reported that automotive electronics products generated $984 million in sales and IoT — Internet of Things products — $1.7 billion. Revenue from technology licensing came to $1.32 billion. But mobile phone electronics was still the leading business at $6.3 billion in revenue. Qualcomm forecast fourth quarter earnings per share in the range of $2.23 to $2.43. The company’s shares closed down 5% at 151.10 in after-hours trading.
