Qualcomm’s Q1 FY2024 results signal the beginning of the company’s recovery, with revenue of $9.9 billion beating analyst expectations and the return of handset revenue growth. The smartphone market cycle appears to have troughed, with premium Android OEMs once again shipping strong Snapdragon 8 Gen 3 volumes.
Cristiano Amon: “Fiscal 2024 is off to a strong start, with revenues above the midpoint of our guidance range. We are pleased with the strong momentum across our business and believe that our technology differentiation in on-device AI positions us for strong long-term growth.”
The PC segment is now generating revenue through early Snapdragon X series shipments, ahead of the formal Copilot+ PC launch planned for June 2024. Qualcomm’s design win momentum on Windows is accelerating: over 10 OEM partners have committed to Snapdragon X Elite devices. Automotive remained at record quarterly revenues, growing double-digits year-over-year.
The Manchester United Snapdragon kit launch timing — expected in summer 2024 for the 2024/25 season — will provide an unprecedented brand-awareness moment for Qualcomm’s consumer identity. The convergence of technology leadership and sports visibility is Amon’s signature strategy.
Source: Qualcomm Investor Relations