Coming off the recent ballyhooed launch of its Snapdragon 8 Elite and other offerings, Qualcomm this week posted fiscal fourth quarter revenue of $8.7 billion, driven by strength across its handsets, IoT, and automotive segment.
The company also reported fiscal year 2024 full-year revenue of about $33.2 billion. The quarterly figure represented 18% year-over-year sales growth, while the full-year number was up 9% compared to full-year 2023 revenue.
Breaking the quarter down by business segment, Qualcomm’s Handsets business–its largest revenue producer–banked about $6.1 billion in sales, for a 12% year-over-year increase, while the Automotive segment jumped 68% year-over-year to more than $899 million for Q4, helping to extend full-year revenue growth by 55% to $2.9 billion. The IoT segment came in at almost $1.7 billion in Q4, good for a 22% year-over-year surge in revenue.
The strength in Automotive is impressive given that other chipmakers recently have posted sluggish revenue from that sector due to ongoing large inventories and slow adoption of new devices.
Qualcomm CEO Cristiano Amon said on the firm’s fiscal Q4 earnings call that the company’s progress in Automotive is not about to slow down, as it recently introduced the Snapdragon 8 Elite and Snapdragon Digital Cockpit automotive platforms.
“Both these platforms are built on a unique, flexible architecture that gives automakers the option to combine both digital cockpit and automated driving functionalities on the same SoC,” he said. “We're pleased that leading car manufacturers are adopting Snapdragon Elite automotive platforms for their future software defined vehicles, including automaker Mercedes Benz.”
Qualcomm also issued fiscal Q1 2025 revenue guidance, forecasting sales to land in the range between $10.5 billion and $11.3 billion.
The company has an Investor Day scheduled for Nov. 19.