On May 2nd, Qualcomm released its financial report for the second quarter of 2024, showing a strong performance driven by the recovery of the Chinese smartphone market.
As of March 24, 2024, Qualcomm's quarterly revenue reached $9.389 billion, equivalent to about 68 billion Chinese Yuan, marking a 1% year-on-year increase. The net profit stood at $2.326 billion, around 16.85 billion Chinese Yuan, soaring by 37% compared to the same period last year.
Out of this, chip sales revenue accounted for $8.03 billion, while licensing revenue reached $1.32 billion.
Qualcomm stated that following a sluggish period last year, the crucial Chinese smartphone market is now bouncing back. Sales to Chinese phone manufacturers surged by 40% in the first half of the fiscal year, with Chinese consumers showing a growing interest in smartphones integrated with AI capabilities.
Qualcomm anticipates around $7.8 billion in revenue for the third quarter.
