Tech News: Qualcomm Expects 35% First Quarter Revenue Growth

November 1, 2023 - 高通 has announced its revenue forecast?for the first quarter of the upcoming fiscal year, spanning from October to December. The company expects its sales to range between $9.1 billion and $9.9 billion, with a median estimate of $9.5 billion. This prediction significantly surpasses the average analyst consensus of $9.26 billion, indicating a resurgence in consumer smartphone upgrades and a potential alleviation of inventory excess in the mobile industry.

Notably, the extended product lifecycle of smartphones has led to consumers retaining their current devices for longer periods than in the past. This anticipated rebound in smartphone sales is poised to boost Qualcomm's primary revenue streams. The company also foresees a substantial 35% growth in revenue from Chinese smartphone manufacturers in Q1, compared to the previous quarter.

Qualcomm recently published its financial results for the fourth quarter of the fiscal year 2023, ending on September 24, 2023. During this period, the company reported quarterly revenue of $8.67 billion, marking a 24% decrease compared to the same period in 2022. The net profit for the quarter stood at $1.489 billion, reflecting a 48% year-on-year decrease. For the entire fiscal year 2023, Qualcomm's annual revenue reached $35.82 billion, indicating a 19% drop from the previous year, with an annual net profit of $7.232 billion, representing a 44% decrease.

In the fourth quarter, Qualcomm witnessed a 27% decline in sales for its smartphone application processors, amounting to $5.46 billion. Chips designed for Internet of Things (IoT) and connectivity devices also saw a 31% decrease, totaling $1.38 billion. On the other hand, revenue from automotive-related products surged by 15% to $535 million during the same period.

Qualcomm's outlook for its chip business in the upcoming quarter is optimistic, with sales projected to range between $7.7 billion and $8.3 billion. This surpasses the average estimated value of $7.8 billion, indicating a positive market response to their semiconductor products.

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