Qualcomm delivered fourth quarter revenue growth of 19% as it saw strength across its smartphone, auto and Internet of things units.
The company reported fourth quarter earnings of $2.92 billion, or $2.59 a share, on revenue of $10.24 billion, up 19% from a year ago. Non-GAAP earnings were $2.69 a share.
Wall Street analysts were expecting Qualcomm to report fourth quarter non-GAAP earnings of $2.57 a share on revenue of $9.93 billion.
For 2024, Qualcomm reported earnings of $10.14 billion, or $8.97 a share, on revenue of $38.96 billion, up 9% from fiscal 2023.
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CEO Cristiano Amon said the company's product cadence is strong and positions us well across handsets, PC, automotive and industrial IoT." The company will outline plans to diversify its business on November 19.
Qualcomm has moved to expand into AI PCs as well as automotive and IoT. Ultimately, Qualcomm is expected to expand in the AI server processor market as well as edge computing.
Handsets fourth quarter revenue was $6.10 billion, up 12% from a year ago. Automotive fourth quarter revenue was $899 million, up 68% from a year ago. IoT revenue in the quarter was $1.68 billion, up 22%.
Qualcomm also said it will spend $15 billion to buy back stock.
As for the outlook, Qualcomm is projecting first quarter revenue of $10.5 billion to $11.3 billion with non-GAAP earnings of $2.85 a share to $3.05 a share.
