Qualcomm reported record quarterly revenue with first-quarter total revenue of $12.25 billion, up 5% year-over-year. The revenue beat a Street consensus estimate of $12.18 billion according to data from Benzinga Pro.
QCT revenue was a record $10.61 billion in the quarter, up 5% year-over-year. QTL revenue was $1.59 billion in the quarter, up 4% year-over-year.
QCT revenue by segment was:
Handsets: $7.82 billion, +3% year-over-year
Automotive: $1.10 billion, +15% year-over-year
IoT: $1.69 billion, +9% year-over-year
The company reported adjusted earnings per share of $3.50, which beat a Street consensus estimate of $3.40.
Automotive was also a company record and this marked the second consecutive quarter of the segment being higher than $1 billion.
Qualcomm said it completed its acquisition of Alphawave Semi in the quarter, helping to accelerate the company's expansion into Data Centers.
"We are pleased to deliver strong quarterly results, with record total company revenues," Qualcomm CEO Cristiano Amon said. "Our momentum across personal, industrial, and physical AI is growing."
What's Next For Qualcomm
Qualcomm's guidance is for second-quarter revenue in a range of $10.20 billion to $11.0 billion, versus a Street consensus estimate of $11.11 billion according to data from Benzinga Pro.
The company's guidance is for second-quarter adjusted earnings per share of $2.45 to $2.65, versus a Street consensus estimate of $2.88.
Qualcomm said it completed its acquisition of Alphawave Semi in the quarter, helping to accelerate the company's expansion into Data Centers.
The company said its handsets outlook is impacted by memory supply constraints that are industry wide.
"We are encouraged by end-consumer demand for premium and high tier smartphones, and remain on track to achieve our fiscal 2029 revenue goals," Amon said.
Qualcomm Stock Price Action
Qualcomm shares are down 9.1% to $135.35 in after-hours trading Wednesday versus a 52-week trading range of $120.80 to $205.95.
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