Automotive Segment SuccessThe automotive segment was up 61% YoY, as cars are getting more connected with Qualcomm carrying over 80% share of automotive modems.
Financial PerformanceQualcomm delivered a very solid December quarter print, with record revenue of $11.7 billion, growing 17% annually and 13% sequentially, where results were ahead of the Street consensus by more than $750 million.
IoT Business GrowthQualcomm saw strength from its IoT business, with annual revenue growing 36%, driven by new product launches of its leading-edge processors and on-device AI capability across its consumer, networking, and industrial end markets.