Qualcomm Stock Surges 4% in 2025 After Q2 Earnings Beat with $9.39B Revenue

Highlights from Qualcomm’s Q2 2024 Results

• Qualcomm’s shares jumped over 4% in after-hours trading following a strong fiscal second-quarter earnings report that surpassed analyst forecasts.
• The company reported a 1% year-over-year revenue increase to $9.39 billion and a 14% rise in net income, reaching $2.33 billion.
• Robust demand from Chinese smartphone manufacturers and record-breaking automotive segment sales via Qualcomm CDMA Technologies (QCT) were key growth drivers.
• The company emphasized its expanding portfolio of AI-enabled solutions and upcoming product launches.

Qualcomm (QCOM) experienced a significant stock boost after revealing Q2 2024 results that exceeded market expectations.

Revenue for the quarter hit $9.39 billion, slightly above analyst estimates and reflecting steady growth compared to the previous year.

Net income soared to $2.33 billion, with diluted earnings per share (EPS) of $2.06, marking increases of 14% and 13%, respectively, year-over-year.

Strong sales from Chinese phone makers and record automotive revenue through Qualcomm CDMA Technologies contributed notably to the company’s performance.

CEO Cristiano Amon highlighted the company’s momentum, stating, "We are thrilled with our continued growth and diversification, including our third consecutive quarter of record QCT Automotive revenues, upcoming Snapdragon X platform launches, and advancing AI capabilities across multiple product categories."

Qualcomm also announced the upcoming launch of the Snapdragon X Plus processor, designed to handle AI workloads locally on laptops, enhancing on-device intelligence.

Looking ahead, Qualcomm projects Q3 revenue between $8.8 billion and $9.6 billion, with diluted EPS expected between $1.74 and $1.94.

Following the earnings release, Qualcomm shares climbed 4.2% to $170.65 as of 5:30 p.m. ET Wednesday, marking an 18% gain year-to-date for 2024.

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