Last Wednesday, Qualcomm Incorporated (NASDAQ:QCOM) reported its fiscal third quarter earnings, surpassing Wall Street estimates, while also issuing a strong guidance for the current quarter. However, while both top and bottom line slightly surpassed estimates, this wasn't enough to make the market excited.
Fiscal Third Quarter Highlights
For the quarter ended on June 23rd, Qualcomm reported adjusted revenue of $9.39 billion, surpassing LSEG's estimate of $9.22 billion. Revenue grew 11% YoY.
The chip business or more precisely, three hardware lines reported together as QCT reported sales grew 12% YoY as they brought in revenue of $8.1 billion.
Its handsets business grew 12% YoY to $5.9 billion, suggesting recovery after a deep two-year slump in smartphone sales. When it comes to the smartphone market, summer months are usually a slower bit of the annual cycle.
Internet of Things business that includes selling chips for lower-cost devices and Quest headsets from Meta Platforms (NASDAQ:META) revenue contracted 8% YoY to $1.4 billion, but still surpassed StreetAccount's estimate of $641.7 million. Back in 2022, Meta and Qualcomm partnered to deliver multi-generation metaverse experiences. While the agreement Qualcomm made with Meta is a broad multi-year strategic collaboration, but two years later, the metaverse still didn't come to life. Although Meta and Mark Zuckerberg are not giving up on the metaverse, they have been talking more about generative AI.
Licensing revenue from collecting fees from companies that integrate 5G or other cellular technologies into their products grew 3% to $1.3 billion.
Automotive revenues grew 87% YoY to $811 million, topping StreetAccount's consensus estimate of $641.7 million. Although automotive chips remains a small part of Qualcomm's total revenue stream, but it is seen as one of its biggest future growth opportunities and diversification.
Earnings grew 18% YoY as net income amounted to $2.13 billion or $1.88 per share. Adjusted earnings surged 25% YoY to $2.33 per share.
Current Quarter Guidance Indicates Improvement Is On The Horizon
Qualcomm guided for sales in the range between $9.5 billion and $10.3 billion, forecasting earnings per share between $2.38 and $2.58. Looking at midpoint figures, this guidance indicates a 14% revenue improvement from the previous quarter, along with 26% improvement for the bottom line. However, CEO Cristiano Amon did hint that the smart phone market recovery won't be fast, pointing out kind of flattish to low single digits in growth.
Qualcomm's fortunes seems to be turning around.
While the smartphone market slump has brought down Qualcomm's financials over the past three years, its latest results suggest growth seems to be back on track. In addition, growth of the AI-enabled smartphone market should support the company in sustaining its newly found growth momentum.
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上周三,高通公司(纳斯达克股票代码:QCOM)公布了其第三财季的收益,超过了华尔街的预期,同时还发布了本季度的强劲指导。但是,尽管收入和利润都略高于预期,但这还不足以让市场兴奋。
第三财季亮点
截至6月23日的季度,高通公布的调整后收入为93.9亿美元,超过了LSEG估计的92.2亿美元。收入同比增长11%。
芯片业务,或者更确切地说,三条硬件产品线合计报告,销售额同比增长12%,带来了81亿美元的收入。
其手机业务同比增长12%,达到59亿美元,这表明在智能手机销售连续两年大幅下滑之后出现了复苏。就智能手机市场而言,夏季的年度周期通常要慢一些。
物联网业务包括从Meta Platforms(纳斯达克股票代码:META)销售用于低成本设备和Quest头戴式耳机的芯片,收入同比收缩8%,至14亿美元,但仍超过StreetAccount估计的6.417亿美元。早在 2022 年,Meta 和高通就合作提供多代元宇宙体验。虽然高通与 Meta 达成的协议是一项广泛的多年战略合作,但两年后,元宇宙仍然没有变为现实。尽管 Meta 和马克·扎克伯格并没有放弃元宇宙,但他们一直在更多地谈论生成式人工智能。
向将5G或其他蜂窝技术集成到其产品的公司收取费用的许可收入增长了3%,达到13亿美元。
汽车收入同比增长87%,达到8.11亿美元,超过了StreetAccount共识估计的6.417亿美元。尽管汽车芯片仍然只占高通总收入流的一小部分,但它被视为其未来最大的增长机会和多元化之一。
收益同比增长18%,净收入为21.3亿美元,合每股1.88美元。调整后的收益同比激增25%,至每股2.33美元。
本季度指引表明改善即将到来
高通预计销售额在95亿美元至103亿美元之间,预计每股收益在2.38美元至258美元之间。从中点数据来看,该指引表明收入比上一季度增长了14%,利润增长了26%。但是,首席执行官克里斯蒂亚诺·阿蒙确实暗示智能手机市场的复苏不会很快,他指出增长略微持平至低个位数。
高通的命运似乎正在好转。
尽管智能手机市场的低迷在过去三年中拖累了高通的财务状况,但其最新业绩表明,增长似乎已重回正轨。此外,支持人工智能的智能手机市场的增长应支持该公司维持其新出现的增长势头。
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本文来自一位未付费的外部撰稿人。它不代表 Benzinga 的观点,也未就内容或准确性进行过编辑。