Qualcomm closed fiscal year 2023 with full-year revenues of $35.8 billion, and despite a challenging smartphone market cycle, the company’s diversification into automotive, IoT, and PC continues to provide durable growth platforms. The Q4 beat guidance midpoints, and the automotive segment posted yet another quarterly revenue record.
Cristiano Amon: “As we enter fiscal 2024, we are pleased with our roadmap and product execution, which position us well across our businesses. Our recent Snapdragon Summit announcements underscore our technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance.”
The QCT Automotive segment is now a $1.9 billion annual business growing at double digits — a remarkable transformation from a marginal contributor just five years ago. Qualcomm’s $30 billion automotive design win pipeline represents years of future revenue visibility. On the PC side, the Snapdragon X Elite is generating significant interest ahead of its 2024 Copilot+ PC launch.
Qualcomm is no longer simply a smartphone chip company. Amon’s multi-year diversification thesis is delivering tangible results, and FY2024 looks set to accelerate the trend.
Source: Qualcomm Investor Relations