Qualcomm said revenues for the third quarter of fiscal 2024 were $9.4 billion, up 11% from the year-ago quarter, and net income was $2.1 billion, up 18% from a year earlier.

1. 01

   Qualcomm said revenues for the third quarter of fiscal 2024 were $9.4 billion, up 11% from the year-ago quarter, and net income was $2.1 billion, up 18% from a year earlier.

2. 02

   The company said QCT revenues rose 12% year over year in Q3, citing higher handsets and automotive revenues, partly offset by lower IoT revenues. QTL revenues rose 3%, and the company cited an increase in estimated sales of 3G/4G/5G-based multimode products as the driver.

3. 03

   Qualcomm said it used $2.8 billion to repurchase 18 million shares of common stock, $2.7 billion for cash dividends, $914 million to repay fixed-rate notes that matured in May 2024, and $785 million for capital expenditures during the first 9 months of fiscal 2024.

4. 04

   The company estimated its annual effective tax rate for fiscal 2024 at 7% and said it expects an intra-group transfer of QCT intellectual property, which is scheduled to be completed in Q4, to result in a tax benefit of about $400 million from recording a deferred tax asset.

Key figures

Quarter ended June 23, 2024

Revenue

$9.4B

Operating income

$2.2B

Net income

$2.1B

EPS

$1.88

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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