Qualcomm Q1 Earnings Beat Estimates, Chip Sales Jump 16%

Company expands into new markets and secures chip supply deal with Samsung, despite a decline in 'Internet of Things' business sales.

Qualcomm reported fiscal first-quarter results that topped analysts' estimates with sales of handset chips jumping 16% from a year earlier.
Net income rose 24% during the quarter to $2.77 billion, or $2.48 per share, from $2.24 billion, or $1.98 per share, a year ago.
Qualcomm is expanding its chip technology to markets beyond smartphones, including PCs, cars, and virtual reality headsets.
Qualcomm has reached a chip supply deal with Samsung to supply chips globally for its top-end Galaxy S24 model.
Qualcomm's 'Internet of Things' business saw sales slide 32% to $1.13 billion.