Qualcomm Q3 profit rises on strong QCT revenue growth

By Victor Swezey

Qualcomm reported higher third-quarter profits thanks to sales growth in its QCT semiconductor segment.

The chipmaker on Wednesday reported profit of $2.13 billion, or $1.88 per share, for the quarter ended June 23, compared with $1.8 billion, or $1.60 per share, a year earlier.

Adjusted earnings per share were $2.33. Analysts surveyed by FactSet had expected adjusted earnings per share of $2.25.

Revenue rose to $9.39 billion from $8.45 billion, topping analysts’ expectations of $9.21 billion.

By segment, QCT’s semiconductor business revenue rose 12% to $8.07 billion. QCT develops integrated circuits and system software for mobile devices, automotive connectivity systems and the Internet of Things. Mobile revenue rose 12%, while automotive grew 87% and the Internet of Things fell 8%.

QTL licensing revenue increased 3% to $1.27 billion.

For the coming quarter, the company forecast revenue in a range of $9.5 billion to $10.3 billion, with QCT revenue in a range of $8.1 billion to $8.7 billion and QTL in a range of $1.35 billion to $1.55 billion. The company forecast fourth-quarter earnings per share in a range of $2.38 to $2.58.

Write to Victor Swezey at [email protected]; @vicswezey

(END) Dow Jones Newswires

July 31, 2024, 16:51 ET (20:51 GMT)