QUALCOMM Incorporated (QCOM) Q2 2024 Earnings Report

In the fiscal second quarter of 2024, QUALCOMM Incorporated (QCOM) reported total revenues of $9.4 billion, demonstrating year-over-year growth of 1.23% despite quarterly decline of 5.5%. The company achieved non-GAAP earnings per share (EPS) of $2.44, exceeding the upper guidance range. Significant performance came from the chipset segment, primarily driven by premium-tier smartphone demand and robust automotive revenues, reflecting a strategic push into new technology sectors including artificial intelligence and automotive.
Management emphasized strong momentum in the automotive sector, with a design win pipeline growing to approximately $45 billion, setting the company on track for over $4 billion in automotive revenues by fiscal 2026. This diversification strategy, alongside leadership in on-device AI technology, illustrates QUALCOMM's potential to capitalize on emerging markets. The company remains optimistic about sustaining growth driven by both its chipset and licensing businesses.