Qualcomm increased profit by 24% thanks to demand for chips for smartphones
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In the first quarter of fiscal 2024, which ended in December, US chipmaker Qualcomm’s revenue grew by 5%, amounting to $9.9 billion. Net profit increased by 24%, to $2.8 billion. These results were better than analysts’ expectations; Qualcomm shares rose almost 2% yesterday.
The strong quarterly results were largely driven by strong growth in sales of smartphone chips, which increased by 16% to $6.7 billion. Such chips are Qualcomm’s core business, and their sales have been declining over the past two years due to falling smartphone sales.
Analysts view rising sales of such chips as a positive sign for the entire smartphone market. Overall, revenue from the chip division (smartphones, IoT, automobiles, etc.) grew 7% to $8.4 billion. Qualcomm also forecast current quarter revenue of $8.9 billion to $9.7 billion. This is approximately at the level of LSEG analysts’ forecasts – $9.3 billion.
Read more about investment prospects for microelectronics in the Kommersant publication. “Chips are given briefcases”.
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