Qualcomm delivered strong fiscal third quarter results as it rode revenue growth from smartphones and automotive. The company also said it was bullish on the uptake for Snapdragon X Series Copilot PCs.
The company reported third quarter net income of $2.13 billion, or $1.88 a share, on revenue of $9.39 billion, up 11% from a year ago. Non-GAAP earnings in the quarter were $2.33 a share. Wall Street was expecting Qualcomm to report fiscal third quarter earnings of $2.26 a share on revenue of $9.22 billion.
Qualcomm’s report lands a day after AMD reported strong second quarter earnings. Qualcomm is diversifying its revenue base away from smartphone processors and modems, but has more work ahead. In addition, Qualcomm faces risks due to the US government restricting component sales to companies like Huawei.
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Cristiano Amon, CEO of Qualcomm, said the launch of Snapdragon X Series PCs is a "significant milestone in our transformation from a communications company to a leading intelligent computing company."
Qualcomm is increasingly looking to play in markets such as the data center, PCs and industrial IoT. The bulk of its revenue, however, comes from handsets, but automotive has gained traction.
As for the outlook, Qualcomm projected fiscal fourth quarter revenue of $9.5 billion to $10.3 billion with non-GAAP earnings of $2.45 a share to $2.65 a share.
