Qualcomm reported better than expected results for its fiscal fourth quarter to September. Revenues rose 12 percent year-on-year to USD 9.34 billion, while net profit fell 5 percent to USD 2.80 billion or USD 2.45 per share, ahead of the company's forecast.
Qualcomm attributed the strong results to its diversification strategy, which has seen the company expand beyond its traditional stronghold of smartphone processors into new products areas. Handset revenue rose 56 percent to USD 4.69 billion in Q4, IoT revenues jumped 66 percent to USD 1.54 billion, RF front-end sales rose 45 percent to USD 1.24 billion, and automotive revenues increased 44 percent to USD 270 million.
Over the full year, the company's revenues jumped 43 percent to USD 9.32 billion, and net income rose 75 percent to USD 2.92 billion, exceeding Qualcomm's targets issued in 2019. It also paid out USD 3.37 billion in dividends and spent USD 3.01 billion buying back shares in the past year.
For the fiscal first quarter, Qualcomm forecast further growth, to revenues of USD 10.0-10.8 billion and EPS at USD 2.53-2.73.
