Qualcomm delivered a stellar Q2FY2024 with strong momentum in mobile, automotive, and the Internet of Things (IoT). The growth in adjacencies continues to impress, especially with record revenue in automotive, plus a positive outlook in other key segments – AI PCs as well as XR, amongst others.
![Cristiano Amon](https://www.prabhu-ram.com/wp-content/uploads/2024/05/Pink-Elegant-Feminine-Wedding-Photo-Collage-6-1024x819.png)
Mobile Muscle Enduring
Premium Android phones powered by Snapdragon 8 Gen 3 are driving strong sales, especially in China (40% YoY revenue surge from major OEMs like Xiaomi, OnePlus, Oppo, and Vivo). On-device AI from 8 Gen 3 is extending to upcoming Snapdragon 8S Gen 3 and 7 Plus Gen 3 platforms in H2 2024.
Automotive Gears Up:
QCT Automotive is experiencing a record-breaking year, with a remarkable 35% YoY revenue surge. This growth is fueled by a rapidly expanding design-win pipeline, ballooning from $30Bn in September 2022 to a staggering $45Bn currently. Notably, a significant one-third of this revenue stems from ADAS. Qualcomm remains bullish, with a target of exceeding $4Bn in revenue by FY2026.
IoT Segment Shows Signs of Recovery:
The previously sluggish IoT segment is also showing signs of recovery with a 9% sequential increase. Qualcomm is well-positioned for future IoT growth with next-generation AI PCs in the horizon. In addition, the Qualcomm AI Hub is empowering developers. Lastly, the new recently launched industrial IoT solutions (QCC730 & RB3 Gen 2) target the growing market.
Looking Forward
Qualcomm’s robust Q2 performance underscores the company’s strong fundamentals and strategic vision. While their mobile dominance remains undeniable, the significant growth in automotive and the recovery of the IoT segment showcase their potential for future diversification. Qualcomm is poised to be a major force in shaping the connected future.