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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesQualcomm reported about $9.4 billion in revenue for its fiscal third quarter of 2024, up 11% from a year earlier. The quarter ended June 23, 2024, and Qualcomm announced results on July 31. Growth came mainly from its chip business: handset revenue increased and automotive grew rapidly, while IoT revenue fell. Qualcomm did not disclose how much revenue Snapdragon X PCs generated.
Qualcomm’s Q3 FY2024 results at a glance
The headline figure is rounded. Qualcomm’s reported results separate its chip business, Qualcomm CDMA Technologies (QCT), from its patent-licensing business, Qualcomm Technology Licensing (QTL). The figures below are approximate, rounded amounts; year-over-year comparisons are for the same fiscal quarter.
| Measure | Q3 FY2024 | Year-over-year change |
|---|---|---|
| Total revenue | About $9.4 billion | Up 11% |
| Net income | About $2.1 billion | Up 18% |
| QCT semiconductor revenue | About $8.1 billion | Up 12% |
| QTL licensing revenue | About $1.3 billion | Up 3% |
| Handset revenue | About $5.9 billion | Up 12% |
| Automotive revenue | About $811 million | Up 87% |
| IoT revenue | About $1.36 billion | Down 8% |
These rounded segment figures are reported in Thurrott’s contemporaneous results coverage. Qualcomm’s historical financial-results archive provides its filings and earnings materials. Revenue measures sales; net income is a separate measure of profit, so the 11% revenue increase and 18% net-income increase describe different things.
Chip sales supplied most of the growth
QCT generated the larger share of Qualcomm’s revenue and grew faster than QTL. QCT covers semiconductor products, including chips used in mobile devices, cars and connected products. QTL earns licensing revenue from Qualcomm’s patent portfolio. The contrast—QCT up 12% and QTL up 3%—shows why the quarter’s growth was principally a chip-sales story rather than a licensing surge.
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Automotive grew fastest, but handsets remained much larger
Automotive revenue rose 87% year over year to about $811 million, the fastest growth among the listed categories. Qualcomm’s Snapdragon Digital Chassis strategy spans connected-car platforms, infotainment, connectivity and driver-assistance technology. The company has presented automotive as part of a broader diversification opportunity, alongside IoT and PCs, in its investor-day growth targets.
Growth rate and business size are not the same. Automotive’s increase was striking, but handset revenue of about $5.9 billion was still many times larger in this quarter. One quarter of automotive growth does not show that cars had displaced phones as Qualcomm’s main revenue source.
Handset revenue improved while the market outlook stayed cautious
Qualcomm’s handset revenue grew 12% year over year, but that result should not be read as equivalent growth in global smartphone shipments. Qualcomm’s revenue can change with the mix of devices sold, the amount of Qualcomm technology in each device, customer inventories and market share, among other factors.
Management’s near-term outlook was more restrained than the quarter’s handset growth might suggest. It expected only low-single-digit handset revenue growth in fiscal Q4, citing seasonal weakness in Android phones and the timing of a new premium Snapdragon launch. Qualcomm also pointed to strength among Chinese handset makers; contemporaneous coverage reported that revenue from Chinese phone makers had risen more than 50%, attributing the figure to the company’s CFO. That customer-specific strength does not establish a broad or sustained smartphone-market recovery.
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Snapdragon X and AI were strategic opportunities, not disclosed revenue drivers
Qualcomm was promoting Snapdragon X, its Windows PC platform, as a move beyond phones and part of its on-device AI strategy. Management said roughly 20 Copilot+ PC models were available from manufacturers including HP, Lenovo, Acer and Asus. It also described a roadmap that could bring Snapdragon X PCs to prices as low as $700; that was a future product expectation, not a guaranteed retail price.
Qualcomm did not report separate Snapdragon X sales or revenue for the quarter. PC revenue was included within the broader IoT category, which declined 8%. As a result, the reported figures do not establish how much Snapdragon X contributed, and the launch should not be treated as a quantified cause of the $9.4 billion result.
Q4 guidance was a forecast, not a reported result
For fiscal Q4 2024, Qualcomm forecast revenue of $9.5 billion to $10.3 billion. That range was management’s outlook when it reported Q3, not an actual result. Its forecast implied the possibility of continued year-over-year growth, while the company’s comments on handset seasonality and the pace of recovery signaled uncertainty. The Register’s contemporaneous report covered the guidance and the cautious market reaction; it is safer to distinguish that reported reaction from any single definitive explanation of share-price movement.
What the quarter does—and does not—show
- Qualcomm delivered year-over-year revenue and net-income growth in Q3 FY2024.
- QCT chips were the main growth engine; QTL licensing grew more slowly.
- Automotive was the fastest-growing listed category, but handsets remained far larger by revenue.
- IoT declined, and its category included PCs, so it cannot be read as a pure measure of consumer-IoT demand.
- Snapdragon X and on-device AI were important strategic themes, but Qualcomm did not quantify their contribution to the quarter.
- The Q4 revenue range was a forward-looking forecast issued in July 2024, not a guarantee or a later reported outcome.
For the release announcement and original financial materials, consult Qualcomm’s July 31, 2024 earnings-release notice and its financial-results archive.
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