Qualcomm announces fiscal Q4 and 2024 report with rising revenue and profits
Qualcomm completes a banner year with the release of its Q4 financial results. In the fiscal fourth quarter, the company saw its revenues increase by 19% compared to Q4 2023 while net income almost doubled (+96%).
Qualcomm’s report for the fiscal fourth quarter of 2024
That capped off a strong fiscal 2024 for Qualcomm with revenues for the full year increasing by 9% compared to 2023 and net income going up by 40%.
Full year 2024 report compared to 2023
The company paid out $947 million in dividends in just Q4 2024, for the full year the number is $3.68 billion. Additionally, Qualcomm repurchased $1.3 billion worth of shares this quarter and a total of $4.12 billion for the full fiscal year. The Board of Directors has approved a further stock buyback to the tune of $15 billion.
Financial results and guidance
The Q4 breakdown by division is interesting too. Naturally, the handset market is the biggest earner, bringing in $6.1 billion of revenue. Internet of Things was next with $1.7 billion and automotive is growing fast with $899 million in revenue. For comparison, the numbers for Q4 2023 were $5.5 billion handsets, $1.4 billion IoT and $535 million automotive.
The phone market brings in the most revenue, automotive is growing
The outlook for the first quarter of the financial year 2025, Qualcomm expects revenues to grow to $10.5 to $11.3 billion.
Cristiano Amon, President and CEO of Qualcomm said: “We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS. We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.”
