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Jun 25, 2023
Qualcomm Q3 2023 Earnings Report
Qualcomm's financial performance declined due to macroeconomic headwinds and weaker global handset units, but automotive revenue continued to show strong growth.
Key Takeaways
Qualcomm reported GAAP revenues of $8.5 billion and GAAP EPS of $1.60 for Q3 2023. The EPS exceeded the midpoint of the guidance range, and the QCT Automotive segment marked 11 straight quarters of year-over-year double-digit percentage growth in revenues.
Qualcomm's technology leadership and product roadmap position the company well for long-term growth and diversification.
On-device AI has the potential to drive an inflection point across all of Qualcomm's products.
QCT Automotive revenue experienced 11 consecutive quarters of double-digit year-over-year growth.
The company returned $1.3 billion to stockholders through dividends and share repurchases.
Revenue by Segment
Forward Guidance
Qualcomm anticipates continued macroeconomic headwinds, weaker global handset units, and channel inventory drawdown to impact its Q4 fiscal year 2023 performance.
Positive Outlook
- Revenues are expected to be between $8.1 billion and $8.9 billion.
- QCT revenues are projected to be between $6.9 billion and $7.5 billion.
- QTL revenues are estimated to be between $1.15 billion and $1.35 billion.
- GAAP diluted EPS is forecasted to be $1.37 - $1.57.
- Non-GAAP diluted EPS is expected to be $1.80 - $2.00.
Challenges Ahead
- Guidance includes the continued impact of macroeconomic headwinds.
- Guidance includes the impact of weaker global handset units.
- Guidance includes the impact of channel inventory drawdown.
- Outlook does not include provisions for proposed tax law changes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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