In Q3 2024, QUALCOMM Incorporated delivered robust financial results with revenues amounting to $9.4 billion, showing a sequential increase in their chipset business. The solid performance reflects a diversification strategy that is yielding positive results across automotive, internet of things (IoT), and Snapdragon mobile platforms. Notably, net income reached $2.13 billion, corresponding to a diluted EPS of $1.88. Management remains optimistic for continued growth, particularly in the automotive sector where significant design wins were achieved. Future guidance suggests a stable performance through Q4, thus enhancing confidence in QUALCOMM's resilience amid industry transitions.
Management’s commentary underscored the importance of on-device AI integration across various products, with anticipated growth in sectors such as automotive computing and consumer devices further sharpening their competitive edge against peers.