Qualcomm Inc. Q3 FY2024 results: revenue $9.4 billion, up 11.1% on the year

Qualcomm Inc. (QCOM) reported revenue of $9.4 billion for Q3 FY2024, the quarter ended 23 June 2024, up 11.1% on the same quarter a year earlier. Net income was $2.1 billion, up 18.1% on the year, and diluted earnings per share $1.88. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$9.4 billionup 11.1%

Net income$2.1 billionup 18.1%

Diluted EPS$1.88

QuarterQ3 FY2024ended 23 June 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	9,393	9,389	n/a	n/a
Cost of revenue	4,174	4,106	n/a	n/a
Gross profit	5,219	5,283	n/a	n/a
Gross margin	55.6%	56.3%	n/a
Research and development	2,259	2,236	n/a	n/a
Selling, general and administrative	664	707	n/a	n/a
Operating income	2,221	2,340	n/a	n/a
Operating margin	23.6%	24.9%	n/a
Interest expense	168	172	n/a	n/a
Pre-tax income	2,279	2,498	n/a	n/a
Income tax	171	223	n/a	n/a
Effective tax rate	7.5%	8.9%	n/a
Net income	2,129	2,326	n/a	n/a
Net margin	22.7%	24.8%	n/a
Diluted EPS	$1.88	$2.06	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	3,052	3,554	n/a	n/a
Capital expenditure	387	184	n/a	n/a
Free cash flow	2,665	3,370	n/a	n/a
Free cash flow margin	28.4%	35.9%	n/a
Depreciation and amortisation	419	411	n/a	n/a
Share-based compensation	644	705	n/a	n/a
Buybacks	1,303	731	n/a	n/a
Dividend per share	$0.85	$0.80	n/a	n/a
Diluted shares, weighted	1,134m	1,130m	n/a	n/a
Shares outstanding at period end	1,116m	1,118m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	52,741	53,167	n/a	n/a
Cash and equivalents	7,770	9,219	n/a	n/a
Inventory	6,020	6,087	n/a	n/a
Goodwill	10,770	10,760	n/a	n/a
Long-term debt	13,190	14,543	n/a	n/a
Shareholders' equity	24,670	24,469	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,631	9,935	9,389	9,393	10,245	11,669	10,979	10,365	11,271	12,252	10,599	9,947
Cost of revenue	3,880	4,312	4,106	4,174	4,468	5,161	4,937	4,606	5,034	5,568	4,900	4,670
Gross profit	4,751	5,623	5,283	5,219	5,777	6,508	6,042	5,759	6,237	6,684	5,699	5,277
Gross margin	55%	57%	56%	56%	56%	56%	55%	56%	55%	55%	54%	53%
R&D	2,135	2,096	2,236	2,259	2,302	2,230	2,216	2,226	2,370	2,453	2,463	2,607
SG&A	628	627	707	664	761	723	706	771	910	865	898	976
Operating income	1,410	2,928	2,340	2,221	2,582	3,555	3,120	2,762	2,918	3,366	2,309	1,626
Operating margin	16%	29%	25%	24%	25%	30%	28%	27%	26%	27%	22%	16%
Interest expense	173	178	172	168	179	163	163	168	170	169	171	178
Pre-tax income	1,420	2,962	2,498	2,279	2,597	3,635	3,105	2,952	2,971	3,547	2,232	2,462
Tax rate	-15%	5%	9%	8%	-12%	13%	9%	10%	205%	15%	-230%	19%
Net income	1,490	2,767	2,326	2,129	2,920	3,180	2,812	2,666	-3,117	3,004	7,370	2,002
Net margin	17%	28%	25%	23%	29%	27%	26%	26%	-28%	25%	70%	20%
Diluted EPS	$1.32	$2.46	$2.06	$1.88	$2.57	$2.83	$2.52	$2.43	-$2.77	$2.78	$6.88	$1.87
Operating cash flow	4,090	2,949	3,554	3,052	2,647	4,587	2,554	2,875	3,996	4,965	2,449	991
Capital expenditure	293	214	184	387	256	277	214	294	407	549	533	496
Free cash flow	3,797	2,735	3,370	2,665	2,391	4,310	2,340	2,581	3,589	4,416	1,916	495
Buybacks	400	784	731	1,303	1,303	1,750	1,748	2,849	2,444	2,650	2,792	1,364
Shares outstanding	1,114m	1,118m	1,118m	1,116m	1,113m	1,106m	1,100m	1,084m	1,074m	1,074m	1,059m	1,057m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 23 June 2024, filed 31 July 2024, accession 0000804328-24-000056: the filing on EDGAR. All of Qualcomm Inc.'s filings: EDGAR company page.

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