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Qualcomm (QCOM) Q3 2024 earnings results beat EPS and revenue expectations

Qualcomm has posted better-than-expected earnings for Q3 2024 on the strength of its Snapdragon chip set.

Ozzie Mejia

July 31, 2024 1:27 PM

Qualcomm

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Qualcomm (QCOM) reported its financial earnings for Q3 2024 on Wednesday afternoon. The tech company was able to beat Wall Street's EPS and revenue expectations, even if it slightly missed on the whisper number. Qualcomm reported a quarterly revenue of $9.39 billion USD, higher than the $9.2 billion Wall Street estimate.

"Our third quarter results reflect strong execution of our growth and diversification strategy, with QCT quarterly revenues and EBT margins at the high end of guidance," Qualcomm President and CEO Cristiano Amon in the company's Q3 2024 earnings report. "We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency and personalized AI experiences. This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company."

Qualcomm's Q3 2024 revenue falls in line with what the company projected following last quarter's report. It comes on the strength of $5.9 billion in sales on various handsets, many powered by Qualcomm's Snapdragon 8 platform. The company is boasting Snapdragon 8's AI capabilities, which it notes has so far exceeded customer expectations.

According to the Q3 2024 earnings presentation, Qualcomm is estimating a $9.5-10.3 billion revenue number for next quarter. The company is heavily touting the launch of the Snapdragon X Series chip set, which will power Windows PC devices and the Microsoft Copilot AI platform.

Qualcomm (QCOM) finished the trading day up $14.01/share and continues to rise in after-hours trading.

Along with Qualcomm, several tech companies are reporting in with quarterly earnings reports throughout the day. We'll be watching for the latest updates, so keep it on Shacknews. We'll report on the biggest stories.

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?