Qualcomm's first-quarter net profit of $3.69 billion increased 47% year-over-year

February 3 news, local time on Wednesday Qualcomm released the first quarter of fiscal 2022 financial results as of December 26, 2021. According to the earnings report, Qualcomm's adjusted revenue for the quarter was $10.697 billion, up 30% year-on-year, compared with analysts' expectations of $10.42 billion; adjusted net profit for the quarter was $3.69 billion, up 47% year-on-year; adjusted earnings per share for the quarter were $3.23, up 49% year-on-year, compared to the average analyst expectation of $3.01.

Qualcomm's quarterly revenue and earnings per share both exceeded expectations, and the company expects revenue for the second quarter of 2022 to be between $10.2 billion and $11 billion, higher than the average analyst estimate of $9.6 billion. But in after-hours trading on Wednesday, Qualcomm shares fell more than 8 percent at one point.

By segment, Qualcomm's chip business QCT generated revenue of $8.85 billion in the quarter, up 35% year-on-year. Among them, mobile phone chip revenue increased by 42% year-on-year to US$5.98 billion, especially the Snapdragon chipset business as the core component of Android mobile phones, the year-on-year growth rate exceeded 60%, the automotive chip business revenue increased by 21% year-on-year to US$256 million, and the Internet of Things business focusing on low-power chips increased by 41% year-on-year to US$1.48 billion. Revenue from the RF front-end business, which focuses on wireless connectivity chips, increased 7% year-over-year to $1.13 billion.

Qualcomm's technology licensing division QTL reported quarterly revenue of $1.81 billion, up 10% year-over-year.

Qualcomm said Qualcomm's strategic investment arm QSI contributed $0.10 to earnings per share in the quarter. Given market volatility, the Company did not include QSI investment income in its fiscal second quarter results forecast.

Qualcomm said it repurchased a total of about $1.2 billion in shares during the quarter and paid a dividend of $765 million.

The popularity of 5G and cloud computing technologies has caused the demand for Qualcomm chips to soar. Qualcomm Chief Financial Officer Akash Palkhiwala said, "Android is driving growth, with Android's revenue growing by more than 60 percent year-over-year." (Kyaukhan)