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Qualcomm (QCOM) Q2 2024 earnings results beat revenue expectations

Qualcomm reported in with revenue numbers for its mobile, automotive, and IOT departments.

Ozzie Mejia

May 1, 2024 1:26 PM

Qualcomm

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Qualcomm (QCOM) has reported in with its financial earnings for Q2 2024. The tech company managed to beat Wall Street's revenue expectations, albeit narrowly. Qualcomm reported in with a quarterly revenue of $9.39 billion USD, which is just slightly higher than the $9.30 billion estimate from Wall Street analysts.

"We are pleased to report strong quarterly results, with EPS exceeding the high end of our guidance," Qualcomm President and CEO Cristiano Amon said in the Q2 2024 earnings report. "We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories."

As part of its earnings presentation, Qualcomm is touting the success of its handheld revenue, which made up $6.2 billion of the company's quarterly numbers. The company notes that the Snapdragon 8 Gen 3 chip-powered devices are in high demand around the world, but more specifically in China. Revenue from the automotive department is also expected to grow with a roughly $4 billion revenue figure expected in FY 2026.

Qualcomm (QCOM) finished the trading day down $1.74 per share, but has bounced back in after-hours trading.

We'll have more on Qualcomm's Q2 2024 earnings and what lies ahead for the company during Wednesday's earnings call. The call will be streamed live on the Shacknews Twitch channel at 1:45 p.m. PT/4:45 p.m. ET.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?