“We anticipate QCT IoT revenues to grow by low teens percentage versus the year-ago period, driven by growth across industrial and consumer products.”

In context

“for the upcoming quarter reflects the latest signals from these customers, which includes reduced chipset orders, aligned with their scaled-back expectations for build plans. We expect to return to our prior run rate and growth trajectory for QCT handset revenues when these conditions normalize. Now turning to guidance. In the second fiscal quarter, we are forecasting revenues of $10.2 billion to $11 billion and non-GAAP EPS of $2.45 to $2.65. In QTL, we estimate revenues of $1.2 billion to $1.4 billion, EBT margins of 68% to 72%, reflecting normal sequential trend. In QCT, we expect revenues of $8.8 billion to $9.4 billion, EBITDA margins of 26% to 28%. We are forecasting QCT handset revenues to be approximately $6 billion as a result of the impact of memory constraints I just outlined. We anticipate QCT IoT revenues to grow by low teens percentage versus the year-ago period, driven by growth across industrial and consumer products. QCT Automotive, following another record quarter, we expect year-over-year revenue growth to accelerate to greater than 35% in the second fiscal quarter. Lastly, we expect non-GAAP operating expenses to be approximately $2.6 billion in the quarter. The sequential increase is driven by typical calendar year resets, certain employee-related costs, and completion of our acquisition of AlphaWave, to further strengthen our platforms for next-generation AI data centers. In closing, we are pleased with our strong first-quarter performance, delivering record results across the following metrics: total company revenue, non-GAAP EPS, QCT revenues, QCT handset revenues, and QCT automotive revenues. While near-term QCT handset guidance is being impacted by memory industry dynamics, the underlying fun”