Qualcomm reported its Q1 FY2023 results today, posting $9.5 billion in revenue in what the company described as a “challenging environment.” While handset revenues were softer due to smartphone market weakness, the diversification story continued to shine: QCT Automotive grew 58% year-over-year, and QCT IoT delivered 7% growth against a difficult macro backdrop.
Cristiano Amon, President and CEO: “In a challenging environment, we delivered results consistent with guidance, including year-over-year growth in QCT Automotive and IoT. The long-term trends driving demand for our differentiated technologies and solutions that enable digital transformation are intact.”
The 58% automotive growth is the headline. Qualcomm’s Snapdragon Digital Chassis is now designed into vehicles from BMW, Mercedes, Volkswagen, GM, Stellantis, Honda, and more. The automotive design win pipeline has grown to $30 billion, up from $20 billion just quarters prior. This is a structural, multi-year revenue engine being built in real time.
For a company navigating a cyclical smartphone downturn, Qualcomm’s non-handset resilience is exactly what Amon promised investors when he took the CEO role. The thesis is playing out on schedule.
Source: Qualcomm Investor Relations