Technology giant Qualcomm Inc (NASDAQ:QCOM) reported third-quarter financial results Wednesday after market close. Here are the key highlights.
Qualcomm Q3 Earnings
Qualcomm reported third-quarter revenue of $9.9 billion, beating a Street consensus estimate of $9.67 billion, according to data from Benzinga Pro.
The company’s revenue was $8.5 billion for the QCT segment and $1.3 billion for the QTL segment.
QCT revenue breaks down as follows:
- Handsets: $5.1 billion, -20% year-over-year
- Automotive: $1.59 billion, +61% year-over-year
- Internet of Things: $1.83 billion, +9% year-over-year
The company said this marked the 23rd consecutive quarter of double-digit growth for the QCT automotive segment.
Adjusted earnings per share were $2.21 in the quarter, missing a Street estimate of $2.23.
"Despite a challenging memory and supply environment, our third quarter results reflect solid execution of our growth strategy, with quarterly revenues at the high end of guidance," Qualcomm CEO Cristiano Amon said.
What’s Next for Qualcomm
Qualcomm is guiding for fourth-quarter revenue to be in a range of $9.70 billion to $10.50 billion. Fourth quarter earnings per share are expected to be in a range of $2.05 to $2.25.
Amon said the company is on track to hit $40 billion in total non-handset revenue by fiscal 2029, a goal outlined at a recent Investor Day.
"In the near-term, we expect year-over-year growth in non-handset revenues, including Data Center to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027 – a significant inflection point in the execution of our growth strategy."
Photo: Michael Vi / Shutterstock
Login to comment