Technology giant Qualcomm Inc (NASDAQ:QCOM) reported first-quarter financial results on Wednesday after market close.



Here are the key highlights.



<h2>Qualcomm Q1 Earnings</h2>



Qualcomm reported record quarterly revenue with first-quarter total revenue of $12.25 billion, up 5% year-over-year. The revenue beat a Street consensus estimate of $12.18 billion according to data from Benzinga Pro.



QCT revenue was a record $10.61 billion in the quarter, up 5% year-over-year. QTL revenue was $1.59 billion in the quarter, up 4% year-over-year.



QCT revenue by segment was:



<ul>
<li>Handsets: $7.82 billion, +3% year-over-year</li>



<li>Automotive: $1.10 billion, +15% year-over-year</li>



<li>IoT: $1.69 billion, +9% year-over-year</li>
</ul>



The company reported adjusted earnings per share of $3.50, which beat a Street consensus estimate of $3.40.



Automotive was also a company record and this marked the second consecutive quarter of the segment being higher than $1 billion.



Qualcomm said it completed its acquisition of Alphawave Semi in the quarter, helping to accelerate the company's expansion into Data Centers.



&#34;We are pleased to deliver strong quarterly results, with record total company revenues,&#34; Qualcomm CEO Cristiano Amon said. &#34;Our momentum across personal, industrial, and physical AI is growing.&#34;



<h2>What's Next For Qualcomm</h2>



Qualcomm's guidance is for second-quarter revenue in a range of $10.20 billion to $11.0 billion, versus a Street consensus estimate of $11.11 billion according to data from Benzinga Pro.



The company's guidance is for second-quarter adjusted earnings per share of $2.45 to $2.65, versus a Street consensus estimate of $2.88.



Qualcomm said it completed its acquisition of Alphawave Semi in the quarter, helping to accelerate the company's expansion into Data Centers.



The company said its handsets outlook is impacted by memory supply constraints that are industry wide.



&#34;We are encouraged by end-consumer demand for premium and high tier smartphones, and remain on track to achieve our fiscal 2029 revenue goals,&#34; Amon said.



<h2>Qualcomm Stock Price Action</h2>



Qualcomm shares are down 9.1% to $135.35 in after-hours trading Wednesday versus a 52-week trading range of $120.80 to $205.95.



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Photo by Michael Vi via Shutterstock

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Qualcomm Inc (NASDAQ:QCOM) reported record Q1 revenue of $12.25 billion, up 5% year-over-year, exceeding estimates. Adjusted EPS was $3.50, beating the consensus of $3.40. QCT revenue reached $10.61 billion, with automotive revenue hitting a record $1.10 billion. Guidance for Q2 revenue is $10.20-$11.0 billion, below the $11.11 billion estimate. Qualcomm's stock fell 9.1% to $135.35 in after-hours trading. CEO Cristiano Amon noted growing momentum in AI and completed the acquisition of Alphawave Semi to enhance Data Center expansion.

- Qualcomm Inc reported first-quarter revenue of $12.25 billion, a 5% year-over-year increase, exceeding estimates.  
- The company achieved record QCT revenue of $10.61 billion, driven by growth in handsets, automotive, and IoT segments.  
- For the second quarter, Qualcomm anticipates revenue between $10.20 billion and $11.0 billion, with stock trading down 9.1% to $135.35 in after-hours.

Qualcomm Q1 Highlights: Double Beat, Record Revenue, AI Momentum 'Growing'