Qualcomm (QCOM) Q4 2024 earnings results beat EPS and revenue expectations

Qualcomm posts a positive quarter powered by its Snapdragon 8 Elite chip set.

Qualcomm (QCOM) issued its financial earnings for Q4 2024 on Wednesday afternoon. The tech company beat Wall Street's EPS and revenue expectations. Qualcomm reported a quarterly revenue of $10.2 billion USD, higher than the $9.9 billion Wall Street estimate.

"We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS," Qualcomm President and CEO Cristiano Amon in the company's Q4 2024 earnings report. "We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19."

Qualcomm's Q4 2024 revenue falls on the higher end of what the company projected following last quarter's report. It comes on the strength of $6.1 billion in sales on various handsets, powered by the Snapdragon 8 Elite chip set. The company has touted successful launches with overseasons companies Xiaomi, Honor, Oppo, and Vivo and expect similar success with domestic companies like Samsung and ASUS.

According to the Q4 2024 earnings report, Qualcomm is estimating a $10.5-11.3 billion revenue number for next quarter. Along with the aforementioned Snapdragon 8 Elite chip set for handsets, the company continues to herald the Snapdragon X Series chip set, which powers Windows PC devices and the Microsoft Copilot AI platform.

Qualcomm (QCOM) finished the trading day up $7.08/share and continues to rise in after-hours trading.

Qualcomm is among several companies issuing their quarterly earnings reports on Wednesday. We'll be watching for the latest updates, so keep it on Shacknews. We'll report on the biggest stories from throughout the day.