Qualcomm’s revenue in the first fiscal quarter was US$9.935 billion, a year-on-year increase of 5%, and net profit was US$2.767 billion, a year-on-year increase of 24%.

According to Qualcomm’s first quarter financial report for fiscal year 2024, the company’s revenue was US$9.935 billion, a year-on-year increase of 5%. Net profit reached US$2.767 billion, a year-on-year increase of 24%. Adjusted net profit calculated on a non-GAAP basis was US$3.101 billion, a year-on-year increase of 16%. Compared with the same period last year, Qualcomm achieved good performance.

Qualcomm’s first fiscal quarter revenue and adjusted earnings per share both exceeded expectations, and its outlook for adjusted earnings per share in the second fiscal quarter of fiscal 2024 also exceeded expectations. However, despite this, its stock price fell more than 1% after hours.

##The following is the specific content of the financial report:

Net profit/loss:

In the financial quarter ending December 24, 2023, Qualcomm's net profit increased by 24% to US$2.767 billion, compared with US$2.235 billion in the same period last year. Diluted earnings per share also increased 24% year-on-year, from $1.98 in the same period last year to $2.46.

According to U.S. GAAP (excluding certain one-time items), Qualcomm’s adjusted net profit in the first fiscal quarter was US$3.101 billion, a year-on-year increase of 16%. Adjusted diluted earnings per share were $2.75, a year-on-year increase of 16%. This performance exceeded Wall Street analysts' previous expectations. According to data provided by Yahoo Finance Channel, 21 analysts had previously expected Qualcomm's adjusted diluted earnings per share in the first fiscal quarter to be $2.37.

Revenue:

Qualcomm’s first fiscal quarter revenue was US$9.935 billion, a year-on-year increase of 5%. In accordance with U.S. GAAP, adjusted revenue was US$9.922 billion, a year-on-year increase of 5%. The performance exceeded analysts' average forecast of $9.52 billion. According to data provided by Yahoo Finance Channel, a total of 22 analysts participated in the forecast.

Qualcomm’s revenue from equipment and services in the first fiscal quarter was US$8.316 billion, an increase from US$7.784 billion in the same period last year. Licensing revenue was US$1.619 billion, slightly lower than the US$1.679 billion in the same period last year.

——By specific business units:

Qualcomm CDMA Technology Group achieved revenue of US$8.423 billion in the first fiscal quarter, an increase of 7% from US$7.892 billion in the same period last year. Pre-tax profit was US$2.593 billion, compared with US$2.183 billion in the same period last year, a year-on-year increase of 19%. The pre-tax profit margin was 31%, an increase of 3 percentage points from 28% in the same period last year.

Within the CDMA Technology Group, Qualcomm’s revenue from the head-mounted device business in the first fiscal quarter was US$6.687 billion, an increase of 16% from the same period last year. Revenue from the automotive business was US$598 million, an increase of 31% compared with the same period last year. Revenue from the Internet of Things business was US$1.138 billion, down 32% from the same period last year.

Qualcomm Technology Licensing Group’s revenue in the first fiscal quarter was US$1.46 billion, a decrease of 4% compared with US$1.524 billion in the same period last year; pre-tax profit was US$1.080 billion, compared with US$1.117 billion in the same period last year The US dollar decreased by 3% compared to the previous year; the pre-tax profit margin was 74%, which increased by 1 percentage point compared with 73% in the same period last year.

Costs and Expenses:

Qualcomm’s total operating costs and expenses in the first fiscal quarter were US$7.007 billion, a slight increase from US$6.998 billion in the same period last year. Among them, the cost of service revenue was US$4.312 billion, compared with US$4.044 billion in the same period last year; R&D expenses were US$2.096 billion, compared with US$2.251 billion in the same period last year; sales, general and administrative expenses were US$627 million, compared with US$2.251 billion in the same period last year. The same period was $623 million; other expenses were -$28 million, compared with $80 million in the same period last year.

Operating profit:

Qualcomm’s first fiscal quarter operating profit was US$2.928 billion, an increase from US$2.465 billion in the same period last year.

Other financial details:

Qualcomm’s operating cash flow in the fiscal first quarter was $2.949 billion, down from $3.095 billion in the same period a year earlier. Qualcomm held cash and cash equivalents totaling $8.194 billion as of December 26, 2023, compared with $5.073 billion at the end of the first fiscal quarter of fiscal 2023.

Qualcomm returned a total of US$1.7 billion in cash to shareholders in the first quarter of fiscal 2024, of which US$895 million was returned in the form of cash dividends, approximately US$0.80 per share; and it repurchased 600 million shares of common stock, returning US$784 million in cash to shareholders.

Performance Outlook:

Qualcomm expects that the company’s revenue will reach between US$8.9 billion and US$9.7 billion in the second quarter of fiscal year 2024, with an average Value ($9.3 billion) was in line with analysts’ expectations. According to data provided by Yahoo Finance, 22 analysts had expected Qualcomm's second-quarter revenue to reach $9.3 billion on average.

By business unit, Qualcomm expects the CDMA Technology Group’s revenue in the second fiscal quarter to be between US$7.6 billion and US$8.2 billion, and the Technology Licensing Group’s revenue to be between US$1.2 billion and US$1.4 billion. .

Qualcomm also expects that the company’s diluted earnings per share in the second fiscal quarter will reach between US$1.73 and US$1.93; excluding one-time items (not in accordance with U.S. GAAP), Qualcomm expects that in the second fiscal quarter, per diluted earnings will be between US$1.73 and US$1.93. Diluted earnings per share will reach $2.20 to $2.40, with the average ($2.30) exceeding analysts' expectations. According to data provided by Yahoo Finance Channel, 21 analysts had expected Qualcomm to earn $2.25 per share in the second quarter.

Stock price changes:

On the same day, Qualcomm’s stock price rose $2.53 in regular trading on Nasdaq, closing at $148.51, an increase of 1.73%. In subsequent after-hours trading as of 5:36 pm ET on Wednesday (5:36 am Beijing time on Thursday), Qualcomm shares fell $1.61, or 1.08%, to $146.90. Over the past 52 weeks, Qualcomm's highest price was $157.98 and its lowest price was $101.47.

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