Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com November 2 news, today Qualcomm released its fiscal fourth quarter and annual results for the year ended September 24, 2023. Revenue in the fourth quarter of fiscal 2023 was $8.67 billion, down 24 per cent from a year earlier, while net profit was $1.489 billion, down 48 per cent from a year earlier, according to the report. Revenue for the full year of fiscal 2023 was $35.82 billion, down 19 per cent from a year earlier, while net profit was $7.232 billion, down 44 per cent from a year earlier. Qualcomm expects revenue of $9.1 billion to $9.9 billion in the first quarter of fiscal 2024.

CTOnews.com noted that Qualcomm's fourth-quarter sales and earnings beat expectations despite a sharp year-on-year decline, with Qualcomm shares up more than 3 per cent in after-hours trading.

Qualcomm's fate is closely related to the smartphone industry, which has been in the doldrums for nearly two years.

"We are seeing early signs of global demand for 3G, 4G and 5G phones," Akash Palkhiwala, Qualcomm's chief financial officer, said on a conference call with analysts. Qualcomm expects total shipments of its mobile phone chips to fall by "medium to high single digit percentage" in 2023 compared with last year, which is better than the company had expected, he said.

In the fourth quarter, Qualcomm's mobile chip sales fell 27% from a year earlier to $5.46 billion, exceeding StreetAccount's estimate of $5.34 billion. Those sales were grouped into the QCT division, Qualcomm's largest division, which sells processors, where sales fell 26% year-on-year to $7.37 billion.

The company's auto business was a bright spot in its QCT division, up 15% from a year earlier, with sales of $535 million, beating wall street expectations. It's still a small business, but it will continue to grow as Qualcomm persuades more carmakers and parts makers to use its chips in cars.

The company's "internet of things" business, which also includes chips used by Meta for its Quest head display, fell 31 per cent year-on-year to $1.38 billion in revenue. QTL, the company's lucrative licensing business, reported sales of $1.26 billion, down 12% from a year earlier, in line with StreetAccount's expectations.

Qualcomm said earlier this year that it would continue to provide Apple with 5G modems for mobile phones until 2026. Previously, analysts had expected Apple to use a different modem this year.

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