Qualcomm concludes a top year with the publication of its fourth quarter financial results. In the fourth fiscal quarter, the company saw its revenue increase by 19% compared to the fourth quarter of 2023, while net profit almost doubled (+96%).
Qualcomm’s fiscal fourth quarter 2024 report
This capped off a strong fiscal 2024 for Qualcomm, with full-year revenue up 9% versus 2023 and net profit up 40%.
Full annual report 2024 compared to 2023
The company paid out $947 million in dividends in the fourth quarter of 2024, up from $3.68 billion for the full year. Additionally, Qualcomm repurchased $1.3 billion worth of stock this quarter, totaling $4.12 billion for the full fiscal year. The Board of Directors has approved a further share buyback for an amount of $15 billion.
Financial results and guidance
The divisional breakdown in the fourth quarter is also interesting. Naturally, the mobile phone market is the biggest earner, with sales of $6.1 billion. Internet of Things was next at $1.7 billion and the automotive sector is growing rapidly with $899 million in revenue. By comparison, Q4 2023 figures were $5.5 billion for mobile, $1.4 billion for IoT and $535 million for automotive.
The telephone market generates the most turnover, the automotive sector is growing
Qualcomm expects revenue to grow to $10.5 billion to $11.3 billion for the first quarter of the 2025 financial year.
Cristiano Amon, president and CEO of Qualcomm said: “We are pleased to close the fiscal year with strong fourth quarter results, with more than 30% year-on-year growth in earnings per share. We are excited about our recent product announcements at Snapdragon Summit and Embedded World as they continue to expand our technology leadership and position us well in the handset, PC, automotive and industrial IoT space. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.”