Zinger Key Points
- Qualcomm reported fourth quarter revenue of $8.67 billion, which was down 24% year-over-year.
- The company shared first quarter guidance, which is higher than analysts' estimates.
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Technology company Qualcomm Inc QCOM reported fourth-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: Qualcomm reported fourth-quarter revenue of $8.67 billion, which was down 24% year-over-year. The revenue beat a Street consensus estimate of $8.51 billion, according to data from Benzinga Pro.
The company reported earnings per share of $2.02, which beat a Street consensus estimate of $1.91.
Revenue was $7.37 billion for the QCT segment, down 26% year-over-year, and $1.26 billion for the QTL segment, down 12% year-over-year.
QCT revenue consisted of $535 million for automotive, $5.46 billion for handsets and $1.38 billion for IoT. Automotive revenue was up 15% year-over-year, while handsets and IoT were down 27% and 31%, respectively.
Full-year revenue was $35.8 billion, down 19% year-over-year. Full-year revenue consisted of $30.38 billion for the QCT segment and $5.31 billion for the QTRL segment, down 19% and 17%, respectively.
Related Link: Qualcomm Announces New Snapdragon Platforms, Bringing AI To PCs, Smartphones, Devices: ‘AI Will Play A Critical Role'
What's Next: The company provided first-quarter revenue guidance of $9.1 billion to $9.9 billion. Guidance for first quarter earnings per share is a range of $2.25 to $2.45.
Both ranges come in ahead of Street estimates, according to data from Benzinga Pro.
"As we enter fiscal 2024, we are pleased with our roadmap and product execution, which position us well across our businesses," Qualcomm CEO Cristiano Amon said.
"Our recent Snapdragon Summit announcements underscore our technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance."
QCOM Price Action: Qualcomm shares are up 4% in after-hours trading Wednesday to $115.36 versus a 52-week trading range of $101.47 to $139.94.
Read Next: Qualcomm Q4 Earnings Preview: Its Snapdragon Vs. China's Apple Dynamics
Photo via Shutterstock.
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