SAN DIEGO (dpa-AFX) - Semiconductor giant Qualcomm Incorporated (QCOM) on Wednesday reported a return to fourth-quarter profit, compared with a year-ago loss.
Fourth-quarter net income was $1.25 billion, or $1.17 per share, compared with a net loss of $3.12 billion, or $2.89 per share, in the prior-year quarter. Adjusted net income declined 28% to $2.33 billion or $2.17 per share from $3.26 billion or $3.00 per share last year.
Last year's results was weighed down by a hefty $6.09 billion income tax expense.
Revenue decreased 8% to $10.32 billion from $11.27 billion. Qualcomm's QCT semiconductor business reported revenue of $9.02 billion, down 8%, while QTL licensing revenue declined 7% to $1.30 billion.
Within QCT, automotive revenue surged 89% to a record $1.99 billion, while Internet of Things revenue increased 4% to $1.89 billion. Handset revenue fell 26% to $5.14 billion.
'We are pleased to deliver fourth quarter non-GAAP revenues at the high end of our guidance, along with 36% year-over-year growth in combined QCT Automotive and IoT revenues,' said Cristiano Amon, President and CEO of Qualcomm Incorporated. 'Fiscal 2027 marks the start of our non-handset revenue inflection, including the ramp of our Data Center business.'
For the first quarter, Qualcomm expects revenue of $10.4 billion to $11.2 billion, earnings per share of $1.03 to $1.23 and adjusted earnings per share of $2.15 to $2.35.
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