In the fourth quarter of fiscal 2024, Qualcomm Incorporated (NASDAQ: QCOM) reported robust financial results, delivering revenue of $10.2 billion and a net income of $2.92 billion, translating to an earnings per share (EPS) of $2.69. This performance showcases a significant year-over-year (YoY) revenue growth of 18.69% and a quarter-over-quarter (QoQ) increase of 9.06%. Key drivers of this growth include the strength in the Company’s chipset business, particularly fueled by advancements in Artificial Intelligence (AI) and continued growth in automotive and IoT segments. Management expressed optimism regarding Qualcomm's transition towards a more diversified technology company, emphasizing their expansion into new markets and partnerships including a strong presence within the burgeoning AI sector.
The results further indicate that Qualcomm's strategic focus on AI capabilities and diversification across various applications, such as automotive and edge computing, underpins its growth trajectory. The CEO, Cristiano Amon, remarked on their commitment to becoming a leader in connected computing for the age of AI, further enhancing Qualcomm's market positioning. Investors should leverage this growth while monitoring automotive market developments and Qualcomm's competitive edge in chipset performance.