At the midpoint of Qualcomm's guidance, revenue will grow slightly during the current quarter compared to last year.
Net income during the quarter was $1.49 billion or $1.32 per share, a 48% decrease from last year's $2.87 billion or $2.54 per share.
Qualcomm's fortunes are tied to the smartphone industry, which has been in a slump for nearly two years after the Covid pandemic created a boom in sales. It makes the processors at the heart of most high-end Android devices and many lower-end phones as well. The company's automotive business was a bright spot for QCT, increasing 15% year-over-year to $535 million in sales during the quarter, beating Wall Street expectations. It's still a small business but continues to grow as Qualcomm convinces more automakers and parts manufacturers to use its chips in cars.
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