By Denny Jacob


Qualcomm logged better-than-expected revenue in the latest quarter, led by growth in handsets and automotive in its QCT segment.

The mobile-phone chip maker posted net income of $2.77 billion, or $2.46 a share, for the fiscal first quarter ended Dec. 24, up from $2.24 billion, or $1.98 a share, a year earlier. Adjusted earnings were $2.75 a share, above analysts' estimates of $2.37.

Revenue increased 5% to $9.94 billion from $9.46 billion. Analysts polled by FactSet expected $9.51 billion.

By segment, revenue in QCT grew 7% to $8.42 billion while QTL edged down 4% to $1.46 billion. QCT's revenue streams consist of handsets, automotive and internet of things. Revenue in handsets and automotive grew 16% and 31%, respectively, from a year earlier, while IoT dived 32% during the same period.

Qualcomm, which sells communication and data-processing chips crucial in phones from Apple and Samsung, forecast revenue between $8.9 billion and $9.7 billion as well as adjusted earnings in the range of $2.20 a share and $2.40 a share for the second quarter. Analysts polled by FactSet expected $9.28 billion in revenue and adjusted earnings of $2.25 a share.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

01-31-24 1641ET