Qualcomm reported revenues for its fiscal first quarter to December up 30 percent year-on-year to USD 10.7 billion, near the high end of its guidance. Net profit rose 38 percent to USD 3.4 billion, and EPS increased 41 percent to USD 2.98, beating the company’s forecast. 

Growth was led by the handsets business, with revenue up 42 percent annually to nearly USD 6.0 billion. The IoT segment was not far behind, with an increase of 41 percent to USD 1.5 billion in revenue. in Qualcomm’s targeted growth markets, automotive sales rose 21 percent to USD 256 million, and RF front-end was up 7 percent to USD 1.1 billion. The licensing division QTL also contributed USD 1.8 billion, up 10 percent from a year ago.

For the March quarter, Qualcomm forecast revenues largely stable on a sequential basis, in a range of USD 10.2-11.0 billion, with EPS at USD 2.39-2.59. This includes a forecast for QTL revenue of USD 1.45-1.65 billion and QCT revenue of USD 8.7-9.3 billion. 

At the midpoint of the guidance the company sees revenues up around 43 percent year-on-year. Qualcomm said it expects the seasonal slowdown in revenue from Apple in Q1 to be offset by growth in Android handsets, led by new premium and mid-tier Snapdragon products. 

The company said demand remains strong across all of its technologies and continues to exceed supply. “Despite ongoing challenges across the global supply chain, our multisourcing and capacity expansion initiatives will provide incremental improvements to our supply throughout the year,” CEO Christiano Amon said. 

Qualcomm maintained its forecast for the global 5G handset market to grow to around 750 million units this year. It estimates the market reached 535 million units in calendar 2021. 

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