US chipmaker Qualcomm Inc (NASDAQ:QCOM, ETR:QCI)’s rapid inroads into the home PC market paid dividends in its 2024 financial year.
Total revenues surged 9% to $39 billion, while net income added 40% to $10.1 billion.
A stalwart in the smartphone space, Qualcomm’s Arm-powered Snapdragon processors have found favour in the laptop space due to their energy-efficient designs.
Microsoft has emerged as one of Qualcomm’s biggest customers, with some new iterations of its Windows laptops shipping with Qualcomm processors instead of Intel’s processors.
“We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS,” said Cristiano Amon, president and chief executive of Qualcomm.
“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.”
Qualcomm avoided any mention of its high-stake legal dispute with chip architect Arm Holdings PLC (NASDAQ:ARM), from which Qualcomm licenses its designs.
Arm has threatened to cancel Qualcomm’s licensing agreements due to Qualcomm’s apparent failure to renegotiate terms following the 2021 acquisition of CPU designer Nuvia.
But the buoyant results trumped any litigation concerns - Qualcomm shares are up more than 8.5% in the US pre-market.