Qualcomm closed a highly successful fiscal year 2024 with strong fourth-quarter results. Q4 revenue jumped 19% compared to the same period last year, while net income nearly doubled, soaring by 96%.
This strong finish contributed to a 9% increase in full-year revenue and a 40% surge in net income compared to fiscal 2023. Qualcomm also returned significant capital to shareholders, paying out $947 million in dividends in Q4 alone, totaling $3.68 billion for the full year.
The company repurchased $1.3 billion worth of shares in Q4, with full-year repurchases reaching $4.12 billion. The Board of Directors has further authorized a substantial $15 billion stock buyback program.
A closer look at Qualcomm’s Q4 2024 performance by division reveals strong growth across key areas. Handsets remained the largest revenue driver, bringing in $6.1 billion, up from $5.5 billion in Q4 2023. The Internet of Things (IoT) segment also saw significant growth, generating $1.7 billion compared to $1.4 billion the previous year.
The automotive sector continued its rapid expansion, with revenue reaching $899 million, a substantial increase from $535 million in Q4 2023. Looking ahead to the first quarter of fiscal 2025, Qualcomm projects revenue between $10.5 billion and $11.3 billion.
Cristiano Amon, President and CEO of Qualcomm said:
We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.
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