Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) reported a year-over-year decrease in earnings and revenues for the fourth quarter of 2023. However, the results exceeded analysts’ estimates.
At $8.63 billion, September-quarter revenues were down 24% from the prior-year quarter. Both the QCT and QTL segment revenues declined.
Net income was $1.49 billion or $1.32 per share in the three-month period, compared to $2.87 billion or $2.54 per share in the fourth quarter of 2022. Adjusted profit dropped to $2.02 per share from $3.13 per share. Both earnings and revenues beat estimates.
“Our recent Snapdragon Summit announcements underscore our technology leadership, establishing Qualcomm as a leader in on-device generative AI and mobile computing performance,” said Qualcomm’s CEO Cristiano Amon.