Qualcomm Q3 2023 Earnings Report
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.
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Qualcomm 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.
- Outlook does not include provisions for future asset impairments.