Qualcomm announced its financial results for the fourth quarter of fiscal year 2023 on Wednesday, reporting revenue of $8.63 billion, down 24% year-over-year. However, this was still better than expected, and Qualcomm CEO Cristiano Amon expressed optimism for the future, thanks to the upcoming Snapdragon 8 Gen 3 chip.
The biggest contributor to the decline was the headset division, which is responsible for the chips used in most high-end Android phones. Revenue from this division dropped 27% to $5.46 billion.
The smartphone industry has been in a slump all year, with analysts documenting falling shipments throughout 2023. However, things could look up for Qualcomm in the current and subsequent quarters thanks to the Snapdragon 8 Gen 3.
Qualcomm CEO Cristiano Amon said in a statement that the company is “pleased with our roadmap and product execution,” which positions it well across its businesses. He also highlighted the recent Snapdragon Summit announcements, which underscore the company’s technology leadership in on-device generative AI and mobile computing performance.
Qualcomm is betting big on the Snapdragon 8 Gen 3 and generative AI, with devices from Xiaomi, Honor, and more already announced or in the pipeline. Amon also said that Qualcomm will have the “majority share” with the upcoming Galaxy S24 launch.
The Snapdragon 8 Gen 3 is built with generative AI in mind and promises to enable new on-device experiences on smartphones. Rumors also point to Samsung packing more generative AI in the Galaxy S24, although the chip may still fall behind the performance of the Snapdragon chip.
Aside from the Snapdragon 8 Gen 3, the new Snapdragon X Elite chip also promises to boost performance for ARM-based Windows laptops. Amon also spotlighted the company’s partnership with Apple, stating that Qualcomm will continue supplying 5G modems for iPhones through 2026.
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(Via)
