"The Snapdragon 8 Gen 3 mobile platform is setting a new standard for on-device gen AI experiences for premium smartphones..."
— Cristiano Amon, CEO
03Detailed Report
QCOM
QUALCOMM Incorporated
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
QUALCOMM Incorporated (QCOM) delivered robust financial results for Q1 2024, reporting revenues of $9.9 billion, a 15.1% increase from the previous quarter, and a net income of $2.77 billion, reflecting a 23.8% year-over-year growth. The performance was primarily driven by strong demand in its chipset segment, notably supported by the latest Snapdragon 8 Gen 3 mobile platform and increased automotive revenues. Management highlighted the stabilization of the global handset market and a positive outlook on 5G transitions, showcasing growing partnerships and innovative products as key growth drivers. Major agreements, notably with Samsung and Apple, further solidified QUALCOMM’s market position, indicating resilience and strategic focus in diversifying its offerings across mobile and automotive sectors.
Key Performance Indicators
Revenue
Increasing
9.94B
QoQ: 15.11% | YoY: 4.99%
Gross Profit
Increasing
5.62B
56.60% margin
QoQ: 18.35% | YoY: 3.76%
Operating Income
Increasing
2.93B
QoQ: 107.51% | YoY: 18.78%
Net Income
Increasing
2.77B
QoQ: 85.70% | YoY: 23.80%
EPS
Increasing
2.48
QoQ: 86.47% | YoY: 24.62%
Revenue Trend
Margin Analysis
Financial Highlights
\nRevenue Performance: For Q1 2024, QUALCOMM reported total revenues of $9.9 billion, representing a 15.1% QoQ increase and 4.99% YoY growth. This growth was led by the QCT segment, which generated $8.4 billion in revenues (up from $6.7 billion from handsets), driven by increased Android demand and automotive chipset applications.
\nProfitability: Gross profit for the quarter was $5.62 billion, yielding a gross margin of 56.6%. Operating income reached $2.93 billion with an operating margin of 29.5%, signaling effective cost management amid increased revenues. Net income increased to $2.77 billion, translating to an EPS of $2.48, reflecting a solid 24.6% YoY increase.
\nBalance Sheet Health: The company maintained a balanced position with total assets of $52.1 billion and total liabilities of $29.1 billion, resulting in a significant equity of $23 billion. QUALCOMM's cash and short-term investments totaled $12.05 billion, providing a strong liquidity position, essential for ongoing investments in R&D and market expansions.
\nCash Flow: Q1 2024 saw net cash provided by operating activities of $2.95 billion, highlighting robust operational cash flow generation capabilities, despite net cash used in investing activities of $1.26 billion and financing activities of $2.04 billion. QUALCOMM returned $1.7 billion to shareholders through stock buybacks and dividends, underscoring commitment to shareholder value.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
9.94B
4.99%
15.11%
Gross Profit
5.62B
3.76%
18.35%
Operating Income
2.93B
18.78%
107.51%
Net Income
2.77B
23.80%
85.70%
EPS
2.48
24.62%
86.47%
Key Financial Ratios
Gross Profit Margin
Good
56.60%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
29.50%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
27.90%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
5.31%
Return on assets is acceptable but below top-tier companies
Return on Equity
Good
12.00%
Return on equity shows solid performance and effective asset utilization
Current Ratio
Strong
2.56
Current ratio indicates excellent liquidity and financial flexibility