As a seasoned gamer with a penchant for tech and a keen eye for financial trends, I can’t help but feel a sense of excitement upon hearing about Qualcomm’s impressive Q3 2024 earnings. The company’s consistent growth and strategic diversification have always been intriguing to me, especially when it comes to their Snapdragon lineup.
In the afternoon of Wednesday, Q3 2024 financial results were released by Qualcomm (QCOM). Surpassing both earnings per share (EPS) and revenue predictions made by analysts on Wall Street, the tech giant managed to do so despite falling short on the unofficial ‘whisper number’. The company reported a quarterly income of approximately $9.39 billion USD, exceeding the estimated $9.2 billion from Wall Street.
“The results of our third quarter show that our plan for growth and expanding our business is working well, with the income and profit margins for QCT being among the highest we predicted. Our CEO, Cristiano Amon, made this announcement in the latest earnings report. We’re thrilled about the debut of our Snapdragon X Series computer solutions, which offer exceptional performance, remarkable energy efficiency, and personalized AI experiences. This launch is a major step in our journey to transition from just being a communications company into a top-tier intelligent computing company.”
In simple terms, Qualcomm’s Q3 2024 revenue, as anticipated, aligns with their earlier projections after the previous quarter’s announcement. This strong performance is attributable to approximately $5.9 billion in sales from various handsets, a significant number of which utilize Qualcomm’s Snapdragon 8 platform. The company is proudly showcasing the AI capabilities of Snapdragon 8, stating that these features have surpassed initial customer expectations so far.
Based on the Q3 2024 earnings report, Qualcomm anticipates a revenue range between $9.5 billion and $10.3 billion for the upcoming quarter. The company is emphasizing the upcoming launch of the Snapdragon X Series chipset, which will serve as the powerhouse for Windows PC devices and the Microsoft Copilot AI platform.
In today’s market, Qualcomm (QCOM) ended its trading session with a gain of $14.01 per share. Moreover, it is seeing further growth during post-market hours.
Together with Qualcomm, various technology firms are releasing their quarterly financial statements at different times today. Stay tuned to Shacknews as we keep you updated with the latest news. We will share the most significant developments.
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2024-07-31 23:58