Qualcomm has reported a robust financial performance for the third quarter of fiscal 2024, with revenues reaching $9.393 billion, marking a significant increase from $8.451 billion in the same quarter of the previous year. This growth was primarily driven by a $880 million rise in equipment and services revenues from the QCT segment. The company's gross margin improved slightly to 56% compared to 55% in the prior year's quarter, attributed to an increase in QCT gross margin. Research and development expenses remained stable, while selling, general, and administrative expenses saw a moderate increase due to higher sales and marketing costs. Qualcomm's licensing revenues also experienced growth, with QTL segment revenues increasing to $1.273 billion from $1.230 billion year-over-year. The company's EBT percentage...Show More

Qualcomm has reported a robust financial performance for the third quarter of fiscal 2024, with revenues reaching $9.393 billion, marking a significant increase from $8.451 billion in the same quarter of the previous year. This growth was primarily driven by a $880 million rise in equipment and services revenues from the QCT segment. The company's gross margin improved slightly to 56% compared to 55% in the prior year's quarter, attributed to an increase in QCT gross margin. Research and development expenses remained stable, while selling, general, and administrative expenses saw a moderate increase due to higher sales and marketing costs. Qualcomm's licensing revenues also experienced growth, with QTL segment revenues increasing to $1.273 billion from $1.230 billion year-over-year. The company's EBT percentage for QCT revenues improved, reflecting higher revenues and lower research and development expenses. Looking forward, Qualcomm anticipates that certain IoT customers will continue to draw down their inventory, which will impact revenues. The company also expects to face challenges such as elevated inventory levels, product cost increases from key semiconductor wafer suppliers, and intense competition. Strategic initiatives include extending license agreements with key OEMs, pursuing negotiations with others, and a recent license agreement with Shenzhen Transsion Holdings Limited. Qualcomm remains focused on maintaining leadership in 5G technology and expects to recognize a tax benefit from an intra-group transfer of intellectual property in the fourth quarter of fiscal 2024.