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Qualcomm Posts Strong Q2 Fiscal 2024 Results; Shares Surge 4% in After-Market Trading
Qualcomm Incorporated (NASDAQ: QCOM) has released its fiscal second quarter results for 2024, showing an impressive performance with revenues of $9.4 billion, marking a slight increase from the previous year. The company achieved GAAP EPS of $2.06 and a higher Non-GAAP EPS of $2.44, outperforming the high end of their guidance.
Key Financial Highlights
The earnings report highlighted several key financial metrics, indicating robust growth across various segments:
- Revenues: Reached $9.389 billion, up 1% year-over-year.
- Earnings Before Taxes (EBT): Showed a significant boost with GAAP EBT increasing by 32% to $2.498 billion, and Non-GAAP EBT up by 11% to $3.175 billion.
- Net Income: Demonstrated strong growth with GAAP net income rising 37% to $2.326 billion, and Non-GAAP net income increasing by 14% to $2.761 billion.
- Diluted EPS: Increased by 36% on a GAAP basis to $2.06 and by 13% on a Non-GAAP basis to $2.44.
Segment Performance and Future Prospects
Qualcomm's diverse portfolio continues to drive its financial success:
- QCT (Qualcomm CDMA Technologies): Total revenues in this segment were $8.026 billion, with the automotive sub-segment witnessing a remarkable 35% increase in revenue, reflecting its growing foothold in the industry.
- QTL (Qualcomm Technology Licensing): Showed a steady increase with revenues growing to $1.318 billion, up 2% from the previous year.
The company also announced a significant pipeline in the QCT Automotive segment, now valued at approximately $45 billion, signaling strong future revenue streams.
Capital Return to Shareholders
In a move that underscores its strong financial health and commitment to shareholder returns, Qualcomm has increased its quarterly cash dividend to an annualized payout of $3.40 per share. Additionally, the company returned $1.6 billion to shareholders during the quarter, including $895 million in dividends and $731 million through stock repurchases.
Market Reaction and Outlook
Following the announcement of these robust results, Qualcomm's stock responded positively, with shares rising by 4% in after-market trading. This reaction reflects investor confidence in the company's growth trajectory and strategic initiatives.
Looking ahead, Qualcomm provided guidance for the third quarter of Fiscal 2024, expecting revenues between $8.8 billion and $9.6 billion. The company anticipates Non-GAAP diluted EPS to range from $2.15 to $2.35, adjusted for specific items related to share-based compensation and tax benefits.
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