QUALCOMM Incorporated stock research
FY2024 Q4
QUALCOMM (QCOM) Gross Margin — Quarter Ended Sep 29, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved relative to both periods, indicating that gross profit grew faster than cost of revenue.
Gross margin takeaway
Quarter ended Sep 29, 2024 · FY2024 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved relative to both periods, indicating that gross profit grew faster than cost of revenue.
- The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin improved sequentially and year-over-year. This suggests that the relationship between revenue and cost of revenue shifted favorably.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Versus the same quarter one year earlier, all metrics were higher, with gross margin also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
56.4%
Gross profit
$5.8B
Revenue
$10.2B
Cost of revenue
$4.5B
Quarter-over-quarter change
+0.8 pts
Year-over-year change
+1.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 24, 2023 | $9.9B | $5.6B | $4.3B | 56.6% |
| Mar 24, 2024 | $9.4B | $5.3B | $4.1B | 56.3% |
| Jun 23, 2024 | $9.4B | $5.2B | $4.2B | 55.6% |
| Sep 29, 2024 | $10.2B | $5.8B | $4.5B | 56.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 23, 2024
+0.8 pts
Year-over-year change
Sep 24, 2023
+1.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin improved sequentially and year-over-year. This suggests that the relationship between revenue and cost of revenue shifted favorably.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Versus the same quarter one year earlier, all metrics were higher, with gross margin also higher.
Monitor the trend in cost of revenue relative to revenue, as its growth rate influences gross margin sustainability.