Qualcomm’s fiscal year 2024 results are in, and the diversification story has never been stronger. The company posted revenues of $39.1 billion — a 9% increase year-over-year — with its QCT Automotive segment delivering 55% growth and the QCT Industrial/IoT segment recovering strongly from the prior-year cycle trough.
Cristiano Amon: “Fiscal 2024 marked a significant milestone for Qualcomm as we delivered strong results across our business. The expansion of our technology into new industries, including PCs, automotive and IoT, combined with our leadership in on-device AI, positions Qualcomm well for long-term growth.”
The PC segment is now a meaningful contributor following the Snapdragon X Elite’s Copilot+ PC launch in mid-2024. Automotive is on a clear path to $4 billion in annual revenues by FY2026. And the handset segment has recovered, with Snapdragon 8 Elite commanding a premium pricing position across all top Android OEMs globally.
Looking ahead, Qualcomm’s $45 billion automotive design win pipeline and growing AI server ambitions (the Snapdragon X in data centre inference applications) hint at the company’s next frontier. Amon has quietly built one of the most diversified semiconductor companies in the world.
Source: Qualcomm Investor Relations