The following is a summary of the QUALCOMM Incorporated (QCOM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Qualcomm reported Q2 non-GAAP revenues of $9.4 billion and earnings per share of $2.44.

• Strong demand for Android smartphones and momentum in the automotive sector drove chipset business revenues to $8 billion.

• Licensing business yielded $1.3 billion in revenue.

• The company returned $1.6 billion to shareholders, inclusive of $731 million in stock repurchases and $895 million in dividends.

• For Q3, they predict revenues between $8.8 - $9.6 billion and non-GAAP EPS between $2.15 - $2.35.

• Increased revenues majorly resulted from the strength across the Android ecosystem, particularly in China.

• Increased content and a mix of handsets across tiers, especially at higher tiers, largely drove the company's revenue growth.

Business Progress:

• Significant progress noted in Qualcomm's technological and product strategies, with diversification playing a substantial role.

• Launch of Qualcomm AI Hub for commercialization of on-device AI applications at scale.

• Growth in automotive design win pipeline to approximately $45 billion with the Snapdragon Digital Chassis leading in solutions.

• Introduction of Snapdragon X80, the world's most advanced 5G modem RF system.

• Introduction of Qualcomm QCC730 micro-power Wi-Fi SoC for IoT connectivity and Qualcomm RB3 Gen 2 platform for broader range of products.

• Launch of Snapdragon X Plus platform to address a broader range of device tiers.

• Expansion in leadership positions across automotive, extended reality (XR), networking and potential expansion in PCs, industrial, and Edge AI.

• Qualcomm is aiming for market diversification, specifically in RF front end, Wi-Fi, automotive, virtual reality, augmented reality, and PCs.

• Strong growth potential in PC and automotive sectors attributed to AI capabilities, and positive outlook towards the Edge AI market.

More details: Qualcomm IR

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