The following is a summary of the QUALCOMM Incorporated (QCOM) Q1 2024 Earnings Call Transcript:

Financial Performance:

Qualcomm’s Q1 results exceeded expectations with revenues of $9.9 billion and an EPS of $2.75.
Key drivers of revenue were QCT with $8.4 billion, due to demand for handsets and automotive, and QTL with $1.5 billion.
Automotive revenues reached a record $598 million due to increased content in new vehicle launches.
Returned $1.7 billion to shareholders via stock repurchases and dividends.
Revenues from Chinese OEMs marked a 35% sequential growth, exceeding expectations.

Business Progress:

Snapdragon 8 Gen 3 established as the industry standard for on-device AI experiences in premium smartphones.
Extended agreements with Samsung for Snapdragon platforms for flagship Galaxy smartphones, and with Apple until March 2027.
75 new vehicle models launched featuring Qualcomm’s tech, indicative of their growing role in the automotive sector.
Prepares for launch of Snapdragon X Elite for next-gen Windows PCs in mid-2024.
Expanded mixed reality offerings with Qualcomm Snapdragon XR2+ Gen 2 and announced the Snapdragon X35 for edge networking.
Partnerships with Zebra Technologies, Toshiba, and Honeywell to exploit enterprise-level AI potential with their chipset solutions.