Qualcomm 3Q Profit Rises on Strong QCT Revenue Growth

By Victor Swezey

Qualcomm delivered higher profits in the third quarter on sales growth in its QCT semiconductor segment.

The chip maker on Wednesday posted a profit of $2.13 billion, or $1.88 a share for the quarter ended June 23, compared with $1.8 billion, or $1.60 a share, a year earlier.

Adjusted earnings per share were $2.33. Analysts polled by FactSet expected adjusted earnings of $2.25 per share.

Revenue rose to $9.39 billion from $8.45 billion, beating analyst expectations of $9.21 billion.

By segment, revenue for the company's QCT semiconductor business grew 12% to $8.07 billion. QCT develops integrated circuits and system software for mobile devices, automotive connectivity systems and internet of things. Revenue for mobile devices rose 12% as automotive spiked 87%, while internet of things fell 8%.

Revenue for the QTL licensing business grew 3% to $1.27 billion.

For the upcoming quarter, the company predicted revenue between $9.5 billion and $10.3 billion, with QCT revenue between $8.1 billion and $8.7 billion and QTL revenue between $1.35 billion and $1.55 billion. The company forecast fourth-quarter earnings per share between $2.38 and $2.58.

Write to Victor Swezey at victor.swezey@wsj.com; @vicswezey

(END) Dow Jones Newswires

July 31, 2024 16:51 ET (20:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.