“We are committed to achieving $22 billion on non-handset revenues by 2029 as outlined during our 2024 Investor Day.”

In context

“mm's President and Chief Executive Officer, Cristiano Amon. Cristiano Amon: Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q1, we delivered record revenues of $11.7 billion and non-GAAP earnings per share of $3.41. Our chipset business achieved record revenues of $10.1 billion, the first $10 billion quarter for QCT, including record quarterly handset and automotive revenues. Licensing business revenues were $1.5 billion. We're off to a great start in fiscal ‘25. Our mobile roadmap is the strongest in our history with exceptional traction for Snapdragon in premium tier handsets and we are delivering growth across our diversification initiatives. This quarter, automotive and IoT revenues grew 61% year-over-year and 36% year-over-year, respectively. We are committed to achieving $22 billion on non-handset revenues by 2029 as outlined during our 2024 Investor Day. Our advanced connectivity, computing, and edge AI technologies in product portfolio continue to be highly differentiated and increasingly relevant to a broad range of industries. We also remain very optimistic about the growing edge AI opportunity across our business, particularly as we see the next cycle of AI innovation and scale. DeepSeek-R1 and other similar models recently demonstrated the AI models are developing faster, becoming smaller, more capable and efficient, and now able to run directly on device. In fact, DeepSeek-R1 distilled models were running on Snapdragon powered smartphones and PCs within just a few days of its release. As we entered the era of AI inference, we expect that while training will continue in the cloud, inference will run increasingly on-device, making AI”