Qualcomm Reports Double-Digit Growth in its Q4

In its fiscal fourth quarter of 2024, Qualcomm reported a double-digit growth in both revenue and net income. In the full year 2024, the company also saw solid growth in revenue and a significant jump in net income.

Revenue in the fourth quarter was up 19% to $10.24 billion as net income skyrocketed 96% to $2.92 billion. In the fiscal year 2024, the company recorded a 9% jump in revenue to $38.96 billion while the net income grew 40% and reached $10.14 billion. During the year, Qualcomm returned $3.69 billion to its shareholders in dividends and repurchased 25 million stocks for $4.12 billion. The company predicted fiscal 1Q25 sales of between $10.5 billion and $11.3 billion.

CFO Akash Palkhiwala said Qualcomm looks forward to a trial with Arm over the use of the UK company’s basic computer code on its chips. “From our perspective, we have very broad, well-established license rights that cover our custom-designed CPUs. We are very confident that those rights will be affirmed.”

CEO Cristiano Amon highlighted the success of recent product launches including its Snapdragon X Plus eight-core chip for PCs, which manufacturers including Dell, HP, Lenovo, Samsung, Acer, and ASUS plan to use.  “We now have a total of 58 platforms launched or in development across the X series portfolio,” he said. On the mobile side, the company launched a new Snapdragon 8 Elite SoC. “Snapdragon 8 Elite is the world’s fastest mobile processor, restoring performance leadership to the Android ecosystem,” he said. “We are extremely pleased with the Snapdragon 8 Elite design direction.”