Qualcomm's revenue for the fourth fiscal quarter was $10.24 billion, a year-on-year increase of 19%, and it surged by 10% in after-hours trading
Qualcomm announced its fourth-quarter financial report, with revenue of $10.24 billion, a year-on-year increase of 19%; net income of $2.92 billion, and earnings per share of $2.69. Sales of mobile chips grew by 12%, reaching $6.1 billion. Total revenue for fiscal year 2024 is expected to be $33.19 billion, a year-on-year increase of 9%. The board approved a stock repurchase of $15 billion, repurchasing $1.3 billion in the fourth quarter and paying $949 million in dividends. After-hours stock price initially rose by 10%, then fell back to about 4%
On Wednesday local time, Qualcomm announced its fourth-quarter financial report, showing adjusted revenue of $10.24 billion, a year-on-year increase of 19%; net income of $2.92 billion, with earnings per share of $2.69, a significant increase from $1.49 billion or $1.23 per share in the same period last year. Sales of mobile chips grew by 12%, reaching $6.1 billion, in line with FactSet estimates. Qualcomm's Chief Financial Officer Akash Palkhiwala stated in a conference call with analysts, "In the mobile sector, our Android revenue grew by over 20% year-on-year." For fiscal year 2024, Qualcomm's total revenue is projected to be $33.19 billion, a 9% increase compared to fiscal year 2023. Qualcomm announced that its board has approved an additional $15 billion stock buyback. In the fourth quarter, the company repurchased $1.3 billion worth of stock and paid $947 million in dividends. The company's stock initially rose 10% in after-hours trading, then fell back to about 4%