"In fiscal Q2, we delivered non-GAAP revenues of $9.4 billion. Non-GAAP earnings per share of $2.44, was above the high end of our guidance."
— Cristiano Amon
03Detailed Report
QCOM
QUALCOMM Incorporated
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
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.
Key Performance Indicators
Revenue
Increasing
9.39B
QoQ: -5.50% | YoY: 1.23%
Gross Profit
Increasing
5.28B
56.27% margin
QoQ: -6.05% | YoY: 3.14%
Operating Income
Increasing
2.34B
QoQ: -20.08% | YoY: 11.96%
Net Income
Increasing
2.33B
QoQ: -15.94% | YoY: 36.50%
EPS
Increasing
2.08
QoQ: -16.13% | YoY: 35.95%
Revenue Trend
Margin Analysis
Financial Highlights
1. Revenue: $9.4 billion, YoY growth of 1.23%, QoQ decline of 5.5%
2. Net Income: $2.33 billion, YoY growth of 36.5%, QoQ decline of 15.94%
3. EPS: $2.44, YoY growth of 35.95%, QoQ decline of 16.13%
4. Cash at End of Period: $9.22 billion
5. Automotive Revenues: Targeting $4 billion by fiscal 2026, driven by $8 billion in QCT revenues and significant design wins.
6. Gross Profit Margin: 56.3%, with strong operational efficiencies maintained.
7. Current Ratio: 2.65, indicating healthy liquidity.
8. Operating Cash Flow: $3.55 billion, reflecting strong cash generation from operations.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
9.39B
1.23%
-5.50%
Gross Profit
5.28B
3.14%
-6.05%
Operating Income
2.34B
11.96%
-20.08%
Net Income
2.33B
36.50%
-15.94%
EPS
2.08
35.95%
-16.13%
Key Financial Ratios
Gross Profit Margin
Good
56.30%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Good
24.90%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Excellent
24.80%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
4.37%
Return on assets is acceptable but below top-tier companies
Return on Equity
Fair
9.51%
Return on equity is acceptable but below top-tier companies
Current Ratio
Strong
2.65
Current ratio indicates excellent liquidity and financial flexibility