What you need to know
- Qualcomm announced its fiscal year Q4 2024 revenue with $10.2 billion for the quarter.
- Mobile chipset sales increased by 12%, while automotive grew an impressive 68% compared to the same quarter in 2023.
- Qualcomm just launched the Snapdragon 8 Elite, which is already landing in new smartphones from Xiaomi, OPPO, OnePlus, and more.
Qualcomm is ending its 2024 fiscal year on a high note, reporting a 12% growth in Q4 revenue to $10.2 billion. That brings its total 2024 revenue to $39 billion, up 9% compared to fiscal year 2023.
“We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS,” said Qualcomm CEO Cristiano Amon in a prepared statement.
“We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.”
Throughout the quarter, Qualcomm saw the launch of several flagship Android phones utilizing its last-gen flagship chipset, including the Galaxy Z Flip 6, Galaxy Z Fold 6, and the Razr Plus 2024. Amazon's first Prime Day sales event also likely contributed to impressive headset sales during the quarter.
Qualcomm has also pushed heavily in other markets, with its automotive solutions seeing an impressive 68% uptick in revenue and expectations that it will continue to grow in 2025, particularly with the new Cockpit Elite. During the earnings call on Wednesday, Amon further highlighted the company's efforts in AR/VR and partnership with Meta, with the recent launch of the Quest 3S seen as an "important milestone in increasing the scale of this opportunity."
With the recently unveiled Snapdragon 8 Elite, Qualcomm already feels well-poised for a better 2025, with Android OEMs already unveiling their latest flagship powered by the chip.
"We are extremely pleased with this Snapdragon 8 Elite design traction with successful launches at Xiaomi, Honor, OPPO, and Vivo," Amon said during the call.
Qualcomm CFO Akash Palkhiwala noted that this will have a positive impact on the company's FY Q1 revenue. He expects year-over-year headset growth, thanks to "greater than 40% sequential revenue growth from Chinese OEM and the acceleration of flagship Android handset launches," particularly phones adopting the Snapdragon 8 Elite.
Amon also highlighted upcoming launches from ASUS and Samsung. The latter has been rumored to be considering adopting its Exynos chips for some Galaxy S25 models. That said, the Galaxy S25 is not expected to launch until Qualcomm's FY Q2, which could help boost sales following the holiday season, although that could also depend on the share of Snapdragon-powered models.
