Du Chuang/Shenzhen Business Daily reporter Tu Jingyu
On November 2nd, Qualcomm released its fourth quarter and full year performance reports as of September 24, 2023. According to the financial report, the annual revenue for the fiscal year 2023 was $35.82 billion, a year-on-year decrease of 19%; The net profit was 7.232 billion US dollars, a year-on-year decrease of 44%. Qualcomm expects revenue to reach $9.1 billion to $9.9 billion in the first quarter of the 2024 fiscal year.
Qualcomm's "destiny" is closely related to the smartphone industry, which has been in a downturn for the past two years. In the fourth quarter, Qualcomm's smartphone chip sales decreased by 27% year-on-year. Qualcomm CFO Akash Palkhiwala stated in a conference call with analysts that there are early signs of stable global demand for 3G, 4G, and 5G mobile phones, and Qualcomm expects the total shipment volume of its mobile phone chips to decrease in 2023 compared to last year.
The company's automotive business is a highlight, with a year-on-year growth of 15% and sales of $535 million, exceeding Wall Street's expectations. Analysts say that as Qualcomm persuades more automakers and component manufacturers to use its chips in cars, it will continue to grow.