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Source: Huanqiu.com

[Global Network Financial Comprehensive Report] Beijing time, August 1 morning news, Qualcomm today released the company's third quarter financial report for fiscal year 2024. The report shows that Qualcomm's third quarter revenue reached US$9.393 billion, an increase of 11% compared with US$8.451 billion in the same period last year; net profit was US$2.129 billion, an increase of 18% compared with US$1.803 billion in the same period last year. Not in accordance with US generally accepted accounting principles, Qualcomm's adjusted net profit in the third quarter was US$2.648 billion, an increase of 26% compared with US$2.105 billion in the same period last year.

Qualcomm's third-quarter revenue and adjusted diluted earnings per share exceeded Wall Street analysts' expectations. At the same time, Qualcomm's outlook for fourth-quarter revenue and adjusted earnings per share also exceeded expectations. After the financial report was released, Qualcomm's after-hours stock price rose sharply by 7%, but then turned to decline, falling by more than 1%.

In the fiscal quarter ending June 23, 2024, Qualcomm's diluted earnings per share were $1.88, up 18% from $1.60 in the same period last year. Excluding special one-time items, Qualcomm's adjusted diluted earnings per share in the third quarter were $2.33, up 25% from $1.87 in the same period last year, which exceeded analysts' expectations.

In addition, Qualcomm's third-quarter pre-tax profit was $2.279 billion, up 30% from $1.757 billion in the same period last year. Excluding special one-time items, Qualcomm's third-quarter adjusted pre-tax profit was $3.034 billion, up 25% from $2.430 billion in the same period last year. At the same time, Qualcomm's operating profit also increased in the third quarter.

Judging from the performance of each department, Qualcomm's revenue from equipment and services and from licensing in the third fiscal quarter all achieved growth. By specific business department, Qualcomm CDMA Technology Group's revenue in the third fiscal quarter increased by 12%, and the proportion of pre-tax profit in revenue also increased by 3 percentage points year-on-year. Within the CDMA Technology Group, the revenue of the mobile phone chip business and the automotive chip business both increased, while the revenue of the Internet of Things business decreased. At the same time, Qualcomm Technology Licensing Group's revenue in the third fiscal quarter also achieved a 3% increase, and the proportion of pre-tax profit in revenue also increased by 4 percentage points year-on-year.

In terms of costs and expenses, Qualcomm's total operating costs and expenses increased in the third quarter, but cash flow from business operating activities increased significantly, increasing by nearly $2.5 billion compared with the same period last year. As of the end of the third quarter of fiscal 2024, Qualcomm's total cash and cash equivalents also increased year-on-year.

As for future performance outlook, Qualcomm expects revenue in the fourth quarter of fiscal 2024 to reach between US$9.5 billion and US$10.3 billion, exceeding Wall Street analysts' expectations. At the same time, Qualcomm also expects diluted earnings per share in the fourth quarter to exceed analysts' expectations.

In terms of stock price changes, Qualcomm's stock price rose by $14.01, or 8.39%, in regular trading. However, in subsequent after-hours trading, Qualcomm's stock price fell by $2.39, or 1.32%. In the past 52 weeks, Qualcomm's highest price was $230.63 and its lowest price was $104.33.