QUALCOMM (QCOM) 31 Jan 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm First Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, January 31, 2024. Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. is number reservation playback XXXXXXXX. The like I to the over turn Lopez-Hodoyan, would Vice now Mauricio President call Relations. to of Investor Mauricio go please Lopez-Hodoyan, ahead.

prepared good call and and everyone. Palkhiwala. remarks include Akash you, Amon by Thank Christian afternoon, will Today's

question-and-answer In join session. addition, will Alex Rogers the

access release and Investor [indiscernible] our presentation have a our earnings can website. slide Relations on You that

later and be available will In call addition, replay is this our being today. website a webcast on qualcomm.com, on

Regulation G, During our measures in the call as related the use we website. on you financial non-GAAP and reconciliations today, will GAAP find can defined to

projections We industry estimates will also financial make forward-looking business or future statements, results. or including business and events, or of trends

Actual factors from the our most Cristiano results including comments events Amon. those materially our from Please that to President could XX-K, differ And statements. Officer, SEC projected from materially Chief which contain filings, Qualcomm's cause forward-looking and recent or actual important in refer to now results differ forward-looking statements. to our Executive

$X.X Mauricio, the momentum you, business. billion earnings with per fiscal of the non-GAAP from revenues Thanks from business and and guidance. us Android non-GAAP chipset billion our continued and of healthy I strong results, these our of $X.X joining $X.X billion, and some Thank share in highlights key $X.XX of we everyone. demand delivered business high QX, above share Licensing pleased today. Revenues revenues In automotive. good reflect afternoon, end were we're will now for

the devices is all Snapdragon X X experiences Android launched the beginning premium how opportunity fiscal more. features Galaxy platform assist, new will X to marks for Snapdragon for gen SXX AI standard translate announced Samsung evolve X in the the The flagship for includes regions. GalaxSXX-Series launching as the In experience for a mobile Notably, in in and this handsets, of and powers such This on-device and the chat platforms. nitography mobile significant on-device Ultra Galaxy globally, and the AI recently Gen platform overall and Gen Plus setting featured is smartphone multiple addition live GalaxSXX SXX year. Snapdragon smartphones interpreter, gen AI through highlights

with both Snapdragon extended announcing flagship launches also extended QTL strategic that agreement our multiyear brings that we long-term X, in a Snapdragon the pleased leadership the agreement we several Samsung. announced agreements. Snapdragon X quarter, for is and AI platform, high-tier a extended XXXX. successful gen capabilities category relating also leader mobile experiences starting leading in Galaxy to platforms and to In the Samsung performance. demonstrates our smartphone value recently X to and key of In license partnership which with Android we technology smartphones We're share The our we're Gen business,

global license First, significant agreement Apple March exercised existing we extend to X its its smartphone XXXX; with for agreement unilateral to through an years, patent have additional X option long-term agreements the renewed OEMs. Chinese second, taking

set to new In including pillar are an fiscal to in be growth whose other licensees expire or key with continue to and strategy. current OEMs, diversification continues negotiate addition, we our early some and Automotive agreements XXXX. agreements of renewals important

Bosch Flex we execution Snapdragon for launched to SoC this models new of Qualcomm's were scale Ride new their XX XXXX automotive our in design power computer. announced technologies, collaboration CES, at highlighting in central month our vehicle grown Notably, commercially have Earlier and wins. our with

single automakers unified ADAS reminder, Snapdragon fusion SoC across As on scales infotainment of architecture that and a a realize the functionalities central a compute to enables enabling software-defined Flex tiers. Ride in vehicle

traction significant Qualcomm in Elite that increase PCs, last This October. existing models mid-XXXX running the new design on be enabled our and are was softer and designs gen In and capabilities win the AI advanced announced services new number Snapdragon platform. driving upgrade. systems pleased to by of for the a our can of connected cockpits towards digital opportunities demonstrated X we on represents Snapdragon enabled via This locally a continues we're Additionally, driver partners. since launch platform

the We and expect Snapdragon benchmark life on-device to industry Windows addition experiences next-generation for and X copilot for AI leading Elite to set in performance gen battery PCs.

X+ our X. the the solutions We with expanded of recently reality Gen mixed announcement Snapdragon XR

to ] supports platform reality virtual immersive mixed [ resolution second things more per concurrent new Our XX per XX experiences. and eye reality cameras and or deliver. in X.Xk Crisp

first commercial class to of solution. Snapdragon networking, of purpose-built Snapdragon of Gen and devices. a are The XXX X+ by to Samsung announced with utilizing Release system, expected In to experiences Snapdragon new by We XG users half XX modern Snapdragon partner to the the proud Devices RF edge Internet XG we for launch X. XR XR the world's Galaxy powered Google XXXX. brings XXX are XG by first Red provide Things Cap XXX leading

high-performance continue devices and on become connectivity, fueled one addressable industrial our trends secular edge will digital computing that of AI believe transformation. We with the of opportunities to largest device by

our for navigate solutions, inventory industry-wide draw the and while to broad down. growth accelerating ecosystem enablement investments we we're such, As channel in position ourselves

key One the unlock to our solutions. using enable area customers focus the at of our enterprise potential gen is of to chipset AI

retail Toshiba for management at recently Technologies enterprise self-checkout, an and gen demonstrated capabilities example, workflows AI and on-device respectively. inventory As Zebra

Honeywell for edge qualcomm-powered a applications. box warehouse AI Additionally, showcased

automotive, 'XX, Qualcomm's As unchanged, and drivers across our fundamentals growth of we're XR, we more. opportunities industrial quarter our The our strategy edge I'm the the complete diversification IoT ahead. first significant trajectory very and is and remain progress of about expectations, mobile, optimistic networking, computing, of working, ahead making fiscal

we AI. the upcoming World overall Akash. call connectivity our and like our as Barcelona, as provide well gen to to now Mobile on an seller will leadership Congress turn over of the would update scale Snapdragon in At on I

you, first fiscal everyone. our start quarter Thank and I'll earnings. good afternoon, Cristiano, with

EBIT billion XX% were and revenues EPS We higher slightly ] $X.X reflecting non-GAAP [ above of results high of of are $X.X of pleased of the to revenues announce end of guidance $X.XX. guidance, margin high QTL units. at strong billion and end hands the with

and guidance, both the our due Android margin higher with and scale, high launches revenue billion of X prior expectations EBT the above end revenues product operating QCT Handset demand were $X.X $X.X in includes flagship of discipline. benefit the EBT Snapdragon of than Gen by X revenues. delivered margin mix primarily acceleration QCT of reflecting automotive stronger revenues increased to mobile of billion strength platform. of XX%, driven handsets the our and

in OEMs greater automotive million revenues than which we've grew challenges $XXX reflect handset billion achieved of Android our Non-GAAP revenues fiscal the increased accelerated revenues Snapdragon the new $X.X the X% content decreased half to cost our the outlined. $X.X We XX% digital vehicle from of implementation first of chassis actions by reflecting record expenses of for of we industry-wide of our Notably, benefit sequentially included that had billion 'XX. exceeded launches outlined platform. Chinese IoT sequential growth. sequentially, with expectations previously XX% previously operating

to returned the we million million $XXX and $X.X Lastly, including repurchases $XXX in during quarter, in billion stock stockholders dividends.

the in mid-single-digit units handset from stabilization on relative quarter an We calendar Before global 'XX turning fiscal you to that XG improvement estimate I'll global units. demand. by 'XX, to to expectations in recent calendar percentage XG, XG, our prior due second declined guidance, update

on we of percentage to includes basis. high expected estimate handset calendar a double-digit This year-over-year global in low growth be slightly handsets. units For 'XX, digit single up that estimate to will XG flat

guidance to fiscal Turning second for quarter. the

we fiscal revenues We will to non-GAAP are driven $X.XX be by relative billion of $X.XX. seasonality decline only $X.X both EPS non-GAAP for in quarter $X.X forecasting billion revenues and and of first the In $X.X to $X.X The to and EPS billion EBT handset QTL, sequential to revenues margins XX%. modem customer in a to estimate QCT. and of billion XX% of QTL

expect $X.X margins billion to and billion revenues XX%. we QCT, of In $X.X to XX% of EBT

Android handset automotive For QCT with off sequential with IoT quarter-over-quarter. fiscal revenues single-digit a coming first slightly quarter, the performance QCT mid- will we approximately in revenues On prior by in down, year. basis, QCT trend strong flat the percentage revenues to the to high anticipate be revenues grow expect consistent we

$X.X of non-GAAP expenses operating expect Lastly, approximately we billion.

calendar performance. to Cristiano outlined, typical license agreements. extended have key QTL, pleased resets pleased closing, year our very with fiscal for year In certain costs. In to start we are several strong as financial and reflects This employee-related we're execution

not QTL run do in will revenue technology our on-device QCT, with rate In expect extensions. our these any CPU. gen of licensing material differentiation and our change Qualcomm of introduction as We Orion leadership a accelerate result AI custom

portfolio across technology to positioned execute by our well IoT. products automotive our This industry-leading our remarks. Back remain concludes to extending also We you, deliver diversification on Mauricio. prepared strategy to and

Operator, questions. you, now Thank we Akash. for ready are

[Operator Instructions]

from is The with Samik first JPMorgan. Chatterjee question

AI and Congrats if I on the of can the launch Maybe here. Samsung the SXX. particularly start with results

you're and experience of of and sort in seeing to incremental Now that. launching performance you have reception market the some terms devices in the consumer

like giving know of similar I follow-up. the us. of XG on of adoption? of will devices look you adoption So that of AI in edge have thinking for different us insights I way outlined How And relative be on some sort XG, curve any working any to market? of you're flavor a AI in what the of XG, from smartphone these adoption And terms or or you're terms pipeline but will helpful

only applications. translation, see But my a with assistance think China, question. gen coming. unique number It's prepared of excited running our This in the different number other of in now cases a the we're from and customers AI see you of more for I that launching We're we -- a models. also see few much a has early, but what Cristiano. beginning. it's of like going it's mentioned to that Look, number definitely Thanks I not the of happening effective GalasxSXX, is productivity to about device. remarks some the on we'll a use have

we for number hardware being our think gen large of have I AI. ported So now models into a

results positive, beginning to use cases. we've starting have the following and with are we're think we I happy Reviews launch. seen see been of the the new

going impact computing I in a on and mix, power high which to the premium the think handset minimum, segment we -- fastest-growing to is the monitor a But favorable we a situation. with at have is continue see that eventually, trend more tier is to market. need

Yes.

but looking the it. as OEMs the Okay. the first they those quarter Got inventory the quarter, the a work Android OBX fiscal -- from some customers maybe you're the -- to of in Chinese know customers to as looking been follow-up, guiding and industry exceeded more trajectory expectation you're your here? driving as of flattish has well, of And you the just with, sort a momentum. second refill at I

market customers? just in reemerges share quarter-over-quarter? their for an So the us what from or impact in in of you have for the update terms those your of as And is Huawei customers seeing flat market if an you're to context and them well these guide wondering all, give of terms if can in at volume starting for

Samik, Akash. Sure. it's

was fiscal we As have view inventory as normalized. previously, entered largely 'XX, said channel had that Android we our

so as go And we the we see cycle normal bill around through bleed handset launches. typically year,

first So saw the the higher saw in major of from that's the of the quarter, are Snapdragon flagship phase due Gen Android across In our what we demand our to chip, acceleration we kind new Android And launches very perspective. strong we all demand X OEMs. with X. was

in well. of and so seeing going momentum that quarter [indiscernible] our to as both you're results traction happy, that's course, and what And the carries with And that forward. second over our

TAM is that really launch of we've Huawei China the on has in comment what expanded. Huawei, terms your seen In tier XG premium since

And see our from so that demand launch. continuing post to customers we're strong

of question next the from Matt is Our Cowen. Ramsay with line

my I Samsung. of formal assume but with announcement started extension And guess, it's to I script I with with an partnership devices, mentioned, question, XXXX that think, I Cristiano, than hear, that. fit was for first in prepared your guess the longer you I your it

the little to a new So can details you and any agreement. links you on us give share maybe could the context as

Snapdragon You guys MPU into CPUs map your as road custom new obviously and coming product well. have expanded the some

bit share basis. of more trying about go-forward at in the means currently, what split just of but this understand see on a what flagship a I'm for to the Samsung kind is we So

there Matt. is the announced years we but question, think And duration, agreement The several your for We're agreement. it are disclosing is a I Thanks observation multiyear that at this earnings that correct. into agreement. call, not the

starts it in XXXX. think I

look launch you the we us proxy about the of is between Samsung. good how on as and think think agreement should a GalaxSXX I at

you that thing But most is important the outlined.

as continue Our over we beginning I the custom mentioned especially aiming to road coming mobile, time, NPU we're and stronger at as -- expand performance on AI CPU. transition. the CPU just map is to leadership in to getting our the the our gen before, position mobile have of And with we're

our pleased a we're think summary, relationship in I this with very relationship long-term and customer. Samsung, it's with very

Got ] congratulations for operating back was my in I one in QCT and with done. new the is Akash, guess the is hat. gross business in even all, quarter XX% question it. on IoT there I Well But And first around my margins. Akash, the follow-up margins. of improvement question sequential noticed some [ COO margin down dramatically, that above

and So on what maybe than on discuss sustainable moving parts actions because the a you to a of pleasantly and kind might gross I bit you the could both want the what I of it in with the side. go-forward had some was or better modeled, margins business basis see -- a be operating took

with to forward to the this to deliver our on working I'm working wishes. our Cristiano and closely and for a of consistency role new committed to the And CFO my kind thanks of events. here and I'll of role, and Matt, lot you, team long-term at and team to course, looking executive Thank upcoming remain in looking continue priorities. seeing forward maintaining transparency with you

really you that side, launches We saw and impacted quarter set mix of mix the gross first were stronger that through margins that margin what our [indiscernible]. and tier premium the fact because the [indiscernible]. volume, higher from the On was in a our we benefited coming had is

quarter And at quarter line our are guide, our with came in how in. guiding if you second look first we largely

perspective, see. the it's and obviously benefited. on scale obviously, we to addition the that margin So to revenue an took From strength also gross operating margins the in great the in the was actions OpEx

margin the focused on and to And to operating so extremely QCT we -- to were investors. to outlined XX% happy delivering really long-term target happy the deliver we've

with next Canaccord from the Mike question of Walkley is Our line Genuity.

still jump within want into Congrats I consumer licensing to of just assume, of deals. business, us you update extending weaker. on little a bleed the inventory And Elite us some can IoT that the say, material X how become IoT, IoT? question Great. then is IoT, this for I segments, kind the bit to the the business X how But the on might guess, with years? X of the is X just the within ramp trending recovery X for and share in next too,

talk X have From consumer through the entry Elite the and then first perspective, part really IoT address Cristiano Maybe I'll can side. stabilization on we is question. the seen an what

the As you edge we're were revenue think first for we was IoT the single guiding high the previous consistent mid- one out first weakness know, our go digits. comments, quarter up we of And to both networking it second our seeing call the and the to now the on in quarter We're bottom side. IoT, through stream. industrial with and

bring portfolio of overall, kind and year our the Second about benefiting kind and us. half of the of inventory as from we opportunities can for what -- fiscal product markets excited end of we're -- year, channel see that normalizing lots

uncertainty, we look portfolio we and think cautiously in are product great forward. as have a mind, I So significant we optimistic, over -- there's but my

for ready excited TecSummit back-to-school, product it that the to driven too which capabilities, performance We're AI to Look, traction and getting since the X of still about the version tied the AI about we announced of has is with and lot continue your what next launch in question same It's the Windows, mid-XXXX, is Elite the of design is We're this Windows early. the Microsoft PC. by of which date, a we're chipset that maintaining Windows capabilities. products increase. with showing tracking

proved We PC. started the of to march increased last journey tailwind opportunity in talking launch. for designs now a and X is had I the since quarter. we AI continue everybody that And where the we on-device that Elite. about be number That's towards PCs. forward on like we So with to us this to think

And maybe follow-on Great. quick question. just Cristiano, a

about win ADAS think with the in years? but the your business should this X design a business, that how ramping chassis X into ramp digital auto on activity about coming XXXX. the and target to lot You've business towards how talked might ramp year, model, Just of that we next the over of

closed, back with with at very absolutely. significant our we Look, extremely bit in launched you our with overall cockpit relates for year pleased strong, growth. step in let safety. look Thank this Right market. as me in and No, when cases, and you models those question. and performance a that I the just silicon processing think, we're you results can a auto, especially in your in improvement it to silicon with immersive for content many Qualcomm say little look record revenues year-over-year now XX at XXXX,

So And the meet $X decade. on said question of Auto 'XX Day I and business. we're of the are think at answer very on our happy to billion the with to respectively, we think the billion, end for is track that target we I the your Investor $X

quarter, So the on that. continues give we're going grow. to win we're to track the for that next an on And update you pipeline design

comes Bernstein question Research. Stacy Rasgon next with from Our

current So seasonality given a trends How December, usually and flat Android, pieces? thinking was all what March. thinking strong June it's guess about got it's March, down seasonality. bit are but into know you've I that pretty moving I Android are these for and given you about you in in the June

it's to not quarter, No that the the we back third into flagship do quarter, significant growth the a expect at the And in you Akash. quarter when X second the quarter years. be expect see of It's fourth kind time. we result, with to do a consistent we quarter. where of last as quarters last change decline to look trend comments And quarter. we any you it's then -- lowest of the have third made shape year Stacy, launches. third [indiscernible] one second a

and from overall it benefited And in that. look growth forward and I acceleration puts the think market. road positioning obviously map strong our half, this us happy First launches in for Android content just of with as both with we terms of pretty up handset

Got it.

follow-up, ask December? model of March still Huawei model guidance? Huawei completely And the And in the so it is about out -- in to the my I out just want of was

Yes.

demand. ship a their continued think, with device chip, as they Stacy, we do priority and have so So XG on launched based said customer own we've the have to to that's, forward. ship as license in a Huawei and you're past, XG we've going aware, the But I

is question with next Our Research. from line Wolfe Chris Caso the of

of I guess kind because what the like units you're going QTL a in you the the year, has in you're Do just global of I coming handset question comments on market little this have overall. for market handset optimistic revenue outlook a on -- where the sounds market, of from more and QTL the XG range it the for been expecting stuck context handset your guess on -- QTL been. what's forward about

Yes.

stick the X basis. market handset double that's slightly calendar guidance Within to a digit scale especially the to we we as with you to expect But for line. move up the up. to expect overall and to be aligned digit the the outlined think business flat single year-over-year when handset market, a at will XG, be before. there's it low chip We for high we with our 'XX, our market, obviously, I have we is So market, given look that business, within target that, in QTL, on will

I of QCT but result rate. make I expect of wanted And not licensing extension, confirm, the my remarks, this a do extensions to change the we our that the any prepared in run material then to revenue license, just said on sure in just as

consistent licensing run the with with rate, the So the QTL it's program. revenue it's consistent program. In

Great. That's helpful.

Qualcomm I like And the custom or been you you a did the it What get out one what to and in of in the As ] do in that's And sort market you because sounds market such. in the mean, of of to share custom Orion. Samsung things reasons one of of if [ cores follow-up, that the cores outcome wonder could expect the of of past? renewal Cristiano, I speak expect to decision content agreement. terms what behind with sort and the that? change reengage

first I ] Chris, your think, you, I Thank now been was the for designing that [ I the custom consistent, its it's with past, PCs. Nova for following acquisition think, own course. Qualcomm of the Look, instantiation strategy question. the of in And outlined, has we think

did Actually, own we a the Windows to that if the on performance to results for journey as our the embark needed ecosystem. for X needed laptops leading to the was we SoC leadership with deliver design this in you Elite. key remember, to create past, motivation and We have that the CPU we

the we're road Now taking across that entire map.

correct. observation is Your

a take and not to there, really and partners automotive our we we're the core, all industry. business, excited we're in Orion be interest mobile it significant what next, into CPU leading team positioned CPU. seeing position is only the AI the our go as we're that's but As that accomplished into has not in to leadership core going also smartphone following becomes date. across from truly now to graphics marketplace the And about well stopping

Timothy with Arcuri comes line of question the UBS. Next from

looks guided Can it's was It obviously, up a China? being you about in restocking ton the it like talk China flat. and Android

to a another cautious was to do of going peer I Your do that year? question. then this. you shipping rest consumption you And through think ship on you think -- you're talk you're the Can consumption? And had bit the to

the in in consistent quarter, extent, that period. for various what large launches we a I largely us, premium Android a was earlier with to What least at call, December fiscal in for year. build the think for of kind you the Tim, tier were I entering Yes. happened normalized inventory at the said the saw

of through the forward. so bleed normal cycles But framework the are expect And with going we that's we bill year as do kind operating devices which launch.

the can modem billion Is new business this could like for prior to customer, us in longer year past. maybe. a sort $X the this billion to it some to scenario is. leverage mean tell were maybe $X you stopping that that I flagship you scenario? I have into your you a add you of one in where RF it. RFFE envision mean, that then not one can running what have content Got it And that had now seems for a

So it seems you like could on the that potentially your something business? leverage is modem reliance

conversation, Yes. if our Tim, to we I'd a that's the of and say interested. It's portfolio, that a about. part obviously, talk customer will available we'll make they're it

is question Deutsche next of with Seymore Our Bank. Ross from the line

of couple the A congrats role. COO and questions Akash, on

is things. The side OpEx of first one on the

quarter, You down given guys should year, guidance fiscal opportunistic you the on did the your commentary kind think fourth and remainder a cores, cetera. some of doubling great for the or second in the the calendar et about for that the we of on job first new fiscal company, diversify to quarter gave of the how investments

that, new we we From way skills that But be to that to extent, an we've about really, very reduction committed than and we're acquiring scale much. perspective, We focused really think will discipline. gone the thank very at recently. diversification. a on you a required any it operating OpEx think do we're are large Ross, through Yes, and other is hiring selective for

any you name to But in noticed I that think that for was is. new who XX% don't my Great. expect the a customer, a had it you I of in And XX% customer. future the XX-Q, follow-up, guess is continuation I I up that growth whoever good strong Or talked quarter? be about a the was aspect China of you onetime demand the in reflection popping opportunities? that customer, may there it of

it way we first the think a thinking theory reasonable about of it. is framed your I in

from Barclays. with coming is question next Tom of line Our O'Malley the

on my ask on wanted to passing Akash congratulations to ASP as side well. for just I Just Android. the

the you've as really kind mix what you kind a you the you about the be and would past go of some talk good you understand. Could from flattish obviously back expect of then to see kind there. over side from in here. perspective mix ASP to But market June on that's of kind seen beginning March, the the from improving you would Would fiscal of benefited characterizing year That the in the the of that bottom half? into year? strength same helpful You're

Yes.

flagship frame So launches Chinese our about launches in happen if well. just you Year of premium into think going as the before New for the the a time OEMs, lot holiday holidays

seen launches a lot through so big middle We the launch significant going of into happen. starting do Apple then of the the obviously, Android some goes the those season, And you've with into have launches. the and but next year, holiday

So typical cadence. that's a

tier confirm, to just -- when talking are just Now premium the we about.

are Of of significant significant course, there happened that including that through we and a does year have very launches also where the other our presence tiers base. and the tier, high the drive -- portion and our revenue

guys the story a just business you may layering do where the out ADAS 'XX. your seen you've weaker those like when late? on? particular some ecosystem. Can the seen explain of And weakness auto on be to levered or you clearly some more like for auto And ADAS Is not the that just you've like start of then data areas points Helpful. 'XX business, of of win why and

you about and advanced talk stream? Just the more those can you of to the revenue pipeline when the wins see layering kind into

a the cockpits with immersive was of on car. share the a models pipeline of Look, you Cristiano. the should is revenue silicon gains about way it, the lot of Qualcomm digital lot see now to historically, you And revenue. largest as materialize part by This telematics, started into component is primarily been the think driven our the automotive fully our story of

And we processing. have revenue already some from ADAS

China our XXXX with elements. cars think of And with revenue our see very lot grow some the of probably States we example, as in continues components United all to processor, I to going of for You towards autonomy of of customers see you're those you a our processor. ADAS both target, in see get our that and healthy

Bank Our Liani line Tal of the is question of final with America. from

on questions follow-ups X have or you answers I before. had

one On hand, Samsung. first new there one is contract. is The a

their other 'XX. the is more 'XX going in use hand, versus to Samsung On own

net-net, Samsung of you for versus your are revenues 'XX up or So go down expectations frame -- of expecting can losses What us? it within to you share in are 'XX?

And the second question business. is on auto the

product? You the companies, color very strength other can weakness. What had relative [indiscernible] with had it Is a companies to quarter. from customers? meaning gain versus the put strength, related different some you It's the phenomenal the is just strength new it others? is the on share auto Or

Tal, Akash. Yes, it's

this and ], Samsung assume. on split [ what is we a we that [indiscernible]. consistent majority expect on in us global and launched have last share. conversation the share on GSXX tier, between -- said I this model on So the the based did a quarter, In and to with premium GSXX have we the just about

coming there's across happening. other custom in prepared just from it within road CPU expansion technologies. AI position premium but the on remarks, Cristiano them the benefits as content with course clearly one As really our is us indicated our then tier in of not at content that gen well, a of And premium we the did then tier agreement forward. going you in with his our And when look is gives predictability map, coming also perspective, this

Switching more we automotive. grow. demand capability, ASP your on second to over and our consumers both our continue content to see As question

through industry that right a to really at transformation, intersection of should of automotive of the our Clearly, digitization are and launch about we the new is transformation. cars, we're the think cars. You think business going is to way -- tied the

well. content our comes for within benefiting put cars we're the into are the more experience ADAS car. We More infotainment car content as in

content benefit -- cars the those from and we're to as get the new car, in and And launch. all increasing points really, intersection we

So I mean, we're we're seeing some through some peers our back, back, what so step good, But the industry and this dynamics, disconnect between a position, we'll an we're it. when seeing. going. what of that's products maybe you our excited monitoring where really Stepping and they're our look that's clearly, closely our technology, is shorter-term be going about

before question-and-answer Amon, the add to you today's have call? concludes further do That Mr. anything adjourning session.

Yes.

We user We AI quarter. is a as contract. happy This That just the market we've Qualcomm. mobile. about very Just closing, year correction. we're the everyone, was chip side remind and of for I could Samsung said, stabilizing see android the times in we're after are like I'd transition of both 'XX. to our to one the been like revenue with experience those opportunity under or that. of They create on an happy with Apple that We're gen in look,

stability move continue those We the with QTL new of agreements. revenue towards to stream

In well growth PC, And We're I As to auto we believe you Samsung we itself. launch speak you in get for opportunity, the X the look that, Elite. is market the expect focus that announced to new with finally and as segment, results if as Meta product resume IoT a that And with really going think large IoT, now well of XR. on the the goes at industrial positioned Google. we're the correction, very partnership to our scale, especially growth. as for

company. all this And growth to next diversification big we're you for and quarter. get a Thank So partners and of us help busy talk employees much, focused our and to with very the you to can they say I control, I all want what work of thank you quarter. the we on

Ladies concludes today's this call. and conference gentlemen,

You disconnect. may now