Qualcomm today released its financial report for the third fiscal quarter of fiscal year 2023 ending June 25th. According to the report, Qualcomm’s revenue in the third quarter was US$8.451 billion, a year-on-year decline of 23%. Net profit was US$1.803 billion, down 52% year-on-year. Non-GAAP net profit was US$2.105 billion, down 37% year-on-year.
On average, 22 analysts expected Qualcomm’s third-quarter revenue to reach $8.5 billion. According to the financial report, Qualcomm’s third-quarter revenue was 8.451 billion US dollars, which was lower than analysts’ expectations.
On average, 23 analysts expect Qualcomm to report $1.81 in diluted earnings per share in the third quarter. According to the financial report, Qualcomm’s diluted earnings per share in the third quarter were US$1.87, which was higher than analysts’ expectations.
Third quarter results:
Revenue was $8.451 billion, down 23% from $10.936 billion a year earlier.
Among them, the revenue of the QCT department was US$7.174 billion, a decrease of 24% compared with US$9.378 billion in the same period last year. The QCT unit, Qualcomm’s largest, sells processors used in smartphones, cars and other smart devices. Among them, mobile phone chips are the largest business of the QCT department, with revenue of US$5.26 billion in the third quarter, a year-on-year decline of 25%.
QTL segment revenue was $1.23 billion, down 19 percent from $1.519 billion a year earlier. The QTL department is mainly responsible for Qualcomm’s licensing business.
Costs and expenses were $6,628 million compared to $6,464 million a year earlier.
Among them, the cost of revenue was US$3.792 billion, compared with US$4.816 billion in the same period last year.
Research and development expenses were $2,222 million compared to $2,052 million a year earlier.
Selling, general and administrative expenses were $618 million compared to $655 million in the prior year period.
Net profit was US$1.803 billion, down 52% from US$3.730 billion in the same period last year.
Diluted earnings per share were $1.60, down 51 percent from $3.29 in the year-ago quarter.
Non-GAAP net profit was US$2.105 billion, down 37% year-on-year.
Diluted earnings per share were $1.87, down 37 percent from $2.96 in the year-ago quarter.
In the third quarter, Qualcomm paid $893 million in dividends and repurchased $400 million in stock.
Performance outlook:
Qualcomm expects revenue to reach $8.1 billion to $8.9 billion in the fourth quarter of fiscal 2023;
Diluted earnings per share will be $1.37 to $1.57;
Non-GAAP diluted earnings per share will be $1.80 to $2.00.
