Qualcomm Inc. announced on Wednesday that its revenue for the third quarter of fiscal 2024 came in at $9.4 billion, logging an increase of 11% compared with a similar quarter a year ago.
According to the statement, net income increased by 18% to $2.1 billion in the three-month period ending June 23, or $1.88 per diluted share. Moreover, the company said that revenue is expected to increase in the fourth quarter of the current year to between $9.5 billion and $10.3 billion.
"We are excited about the launch of our Snapdragon X Series solutions for PCs that deliver leading performance, unmatched power efficiency, and personalized AI experiences. This launch represents a significant milestone in our transformation from a communications company to a leading intelligent computing company," Cristiano Amon, President and CEO of Qualcomm Incorporated, said.
Qualcomm's shares jumped 4.45% in after-hours trading.
