Qualcomm's net profit for fiscal year 2023 was US$7.232 billion, a year-on-year decrease of 44%

According to news from this site on November 2, today Qualcomm released its fourth fiscal quarter and full-year performance report as of September 24, 2023. The financial report shows that revenue in the fourth quarter of fiscal year 2023 was US$8.67 billion, a year-on-year decrease of 24%; net profit was US$1.489 billion, a year-on-year decrease of 48%. Full-year revenue for fiscal year 2023 was US$35.820 billion, a year-on-year decrease of 19%; net profit was US$7.232 billion, a year-on-year decrease of 44%. Qualcomm expects revenue to reach $9.1 billion-9.9 billion in the first quarter of fiscal 2024.

Qualcomm shares rose in after-hours trading after sales and earnings beat expectations in its fiscal fourth-quarter results despite a sharp year-over-year decline. Qualcomm's fate is closely related to the smartphone industry, which has been in a downturn in the past two years.

Qualcomm Chief Financial Officer Akash Palkhiwala said on a conference call with analysts: "We are seeing early signs of stabilization in global demand for 3G, 4G, 5G mobile phones." He said Qualcomm expects to use its mobile phones in 2023 Total chip shipments will be down a "mid- to high-single-digit percentage" from last year, which is better than the company had previously expected.

Qualcomm’s mobile phone chip sales fell 27% year-over-year to $5.46 billion in the fiscal fourth quarter, exceeding StreetAccount’s forecast of $5.34 billion. Those sales were lumped into the QCT unit, Qualcomm's largest unit that sells processors, where sales fell 26% year over year to $7.37 billion.

The company's automotive business was a bright spot for the QCT unit, growing 15% year over year on sales of $535 million, beating Wall Street expectations. It's still a small business, but it will continue to grow as Qualcomm convinces more automakers and parts makers to use its chips in vehicles.

The company’s “Internet of Things” business, which also includes the chips Meta uses for its Quest headset, fell 31% year over year to $1.38 billion in revenue. The company's lucrative licensing business, QTL, reported sales of $1.26 billion, down 12% year over year and in line with StreetAccount forecasts.

Earlier this year, Qualcomm said it would continue to supply Apple with 5G modems for its phones until 2026. Previously, some analysts predicted that Apple might use a different modem this year. Advertising statement: The external links contained in this article (including but not limited to hyperlinks, QR codes, passwords, etc.) are intended to provide more More information to save screening time, the results are for reference only. Please note that all articles on this site contain this statement

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