Qualcomm reported its Q3 FY2024 earnings on July 31, 2024, delivering results that underscored the company’s growing diversification beyond smartphones. Revenue came in at $9.39 billion, up 11% year-over-year, with non-GAAP EPS of $2.33 — both beating analyst expectations and signaling momentum heading into the critical back half of the fiscal year.
The Snapdragon 8 Gen 3 continued to power flagship Android devices globally, and Qualcomm’s automotive design win pipeline exceeded $45 billion — a figure CEO Cristiano Amon highlighted as validation of the company’s long-term transformation strategy. The Automotive segment posted $811 million in revenue, up 87% year-over-year, making it a genuine bright spot in the results.
The IoT segment remained under pressure as inventory normalization continued across the industry, but the PC ambitions tied to the Snapdragon X Elite platform were generating real excitement — Copilot+ PCs from major OEMs were already shipping or announced, representing a meaningful new revenue vector for Qualcomm outside its traditional handset stronghold.
Amon’s vision of Qualcomm as an AI-edge computing company rather than a modem vendor is increasingly reflected in the numbers. Q3 FY2024 was another step toward making that story stick. investor.qualcomm.com