Summary by Moomoo AI
Qualcomm Incorporated (Qualcomm) reported its financial results for the first quarter of fiscal 2024, revealing a mixed performance with increased revenues but fluctuating segments. The company's total revenues rose to $9.935 billion, up from $9.463 billion in the same period last year, marking a $472 million increase. This growth was primarily driven by a $525 million rise in equipment and services revenues from the QCT (Qualcomm CDMA Technologies) segment. However, licensing revenues from the QTL (Qualcomm Technology Licensing) segment decreased by $64 million. Gross margin percentage remained flat at 57%. Research and development expenses decreased by $155 million, primarily due to lower employee-related costs following restructuring actions. Other income and expenses saw a significant change, with a $108 million decrease compared to the previous year. Interest and...Show More