Qualcomm Posts Excellent Results for Third Fiscal Quarter
In its third fiscal quarter of 2022, Qualcomm has shown a significant rise in revenue and profit. The company's revenue by over a third compared with the same period last year, while profits jumped over 80%.
In the quarter that ended June 26, Qualcomm had revenue of $10.9 billion, a 36% rise YoY. Earnings and income performed even better. Their earnings before taxes rose 88% to $4.2 billion, and net income was $3.7 billion which represents an 84% growth. Diluted earnings per share were $3.29, up 86%.
“We are pleased to report strong quarterly results, with record QCT Automotive and IoT revenues in a challenging macroeconomic environment,” said Cristiano Amon, President, and CEO of Qualcomm. “We are also excited to announce the extension of our patent license agreement with Samsung and the expansion of our strategic partnership to deliver leading premium consumer experiences for Samsung Galaxy devices. Qualcomm is well positioned to be the company bringing advanced connectivity, data processing, and intelligence to the edge, enabling cloud-edge convergence.”
CFO Akash Palkhiwala said Qualcomm is now working on the expectation global handset sales would decrease by a mid-single-digit percentage for calendar 2022, a prediction that broadly reflects analyst outlooks for the period. “We expect the elevated uncertainty in the global economy and the impact of Covid-19 measures in China will cause customers to act with caution in managing their purchases in the second half of calendar 2022,” Palkhiwala said.