Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) reported a year-over-year increase in earnings and revenues for the first quarter of 2024. The results also beat estimates.
At $9.94 billion, December-quarter revenues were up 5% from the prior-year quarter. QCT revenues increased 7% while QTL revenues declined 4%.
Net income came in at $2.77 billion or $2.46 per share in the three months, compared to $2.24 billion or $1.98 per share in the first quarter of 2023. Adjusted profit increased to $2.75 per share in Q1 from $2.37 per share last year. Both earnings and revenues beat estimates.