Qualcomm revenue rises Q-Q, drops Y-Y

Sales of $8.6 billion down 24% Y-Y, income down 48% Y-Y to $1.49 billion.

Jon Peddie

Qualcomm reported Q3 2023 revenue of $5.8 billion, exceeding expectations. Licensing business revenue amounted to $1.3 billion. The company made progress on technology and product road maps, while improving operational efficiency. Qualcomm has positioned itself as a leader in on-device GenAI, aiming to change the user experience for smartphones, laptops, XR, and automotive applications. The Snapdragon X Elite platform boasts the custom Oryon CPU and AI capabilities across CPU, GPU, and NPU, claiming the industry’s highest AI performance. Automotive revenue continued to grow, and the company is targeting over $4 billion in automotive revenue by 2026. What do we think?

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