Qualcomm’s Q3 FY2023 results came in at $8.4 billion in revenue, modestly below prior-year levels as the smartphone market cycle continued to correct. But looking through the cycle noise, the underlying diversification story remained on track: automotive revenues were again at a quarterly record, and the company maintained its operating margin discipline throughout.
Cristiano Amon: “We continue to make important progress on our diversification strategy as we enter calendar 2024. We remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies.”
The upcoming Snapdragon Summit in November was highlighted as a major catalyst event, with Qualcomm planning to announce what it called “the world’s most powerful chip for on-device AI.” Industry analysts interpreted this as the Snapdragon 8 Gen 3 announcement, expected to leapfrog all mobile competition in AI processing performance.
On the PC side, the Snapdragon X Elite roadmap was generating growing excitement in enterprise IT circles, with Microsoft reportedly deep in co-development for the Copilot+ PC category. Qualcomm’s most important product cycle in years is clearly coming together.
Source: Qualcomm Investor Relations