QCT revenues increased by 12% YoY, with handset revenues up $644 million and automotive revenues up $377 million, partially offset by a $126 million decline in IoT revenues.

QTL licensing revenues increased by $43 million YoY, primarily due to an increase in estimated sales of 3G/4G/5G-based multimode products.

The company continues to invest in new and expanded product areas and industries beyond mobile handsets, by utilizing its existing technical and business expertise and through acquisitions or other strategic transactions.

Management is focused on cost management and efficiency, as evidenced by the restructuring actions initiated in fiscal 2023. However, the company is also investing in key growth and diversification opportunities.

Management is focused on supply chain strategies that provide supply assurance, technology leadership and reasonable margins. The company is also subject to order and shipment uncertainties.

Management is actively engaged in various legal and regulatory challenges, including patent infringement claims and governmental investigations. The company has reached a proposed settlement in a securities class action lawsuit, resulting in a $75 million charge.

The company derives a significant portion of its revenues from a small number of customers and licensees, particularly from their sale of premium tier handset devices. Any decrease in revenues from these customers could negatively affect the business.

A number of the company's largest customers have developed or may develop their own integrated circuit products, which could significantly reduce the revenues the company derives from these customers.

A significant portion of the company's business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions, which could limit or prevent the company from transacting business with certain customers or suppliers.

The company operates in a highly competitive industry characterized by rapid technological change. The company's success depends on its ability to adapt to such change and compete effectively.

Certain of the company's largest customers are developing their own integrated circuit products, which could impact the company's competitive position.

The company faces competition from various semiconductor companies, ranging from multinational companies with integrated R&D, manufacturing, sales and marketing organizations to companies focused on a single application, industry or standard product.

The company relies on a limited number of third-party suppliers for the procurement, manufacture, assembly and testing of its products, which could negatively impact its supply chain.

The company's manufacturing facilities are characterized by a higher portion of fixed costs relative to a fabless model, and may face underutilization of capacity due to decreased demand.

The company is subject to complex environmental, health and safety laws, regulations and rules in each jurisdiction in which it operates its manufacturing facilities, which could lead to additional costs and liabilities.

The company continues to invest in research and development, particularly in 5G and next-generation wireless technologies, as well as in new and expanded product areas and industries beyond mobile handsets.

The company faces challenges in protecting its intellectual property, including the risk of misappropriation or unauthorized use, and changes in patent laws or ineffective enforcement of laws in certain jurisdictions.

The company's use of open source software may expose its intellectual property to adverse licensing conditions and may subject its products to governmental and third-party scrutiny.

The company continues its stock repurchase program, with $2.3 billion remaining authorized for repurchase. The company repurchased 6.8 million shares of common stock during the quarter.

The company announced a cash dividend of $0.85 per share, payable on September 26, 2024.

The company's stock repurchase program is subject to periodic evaluations to determine when and if repurchases are in the best interests of its stockholders, and the company may accelerate, suspend, delay or discontinue repurchases at any time.

Certain customers have adopted, and other customers may adopt, policies that require the company to achieve certain sustainability, climate or other environmental, social and governance (ESG)-related targets.

If the company fails to achieve ESG-related targets that meet its customers' requirements or expectations, these customers may not purchase products or services from the company.

The company is subject to many complex environmental, health and safety laws, regulations and rules in each jurisdiction in which it operates its manufacturing facilities, and new or changes in these laws could lead to new or additional investments.

The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, particularly at the premium tier, contributing to this trend.

The mobile industry has also experienced slowing growth in the premium-tier device segment due to a maturing premium-tier smartphone industry in which demand is increasingly driven by new product launches and innovation cycles.

The company is subject to various political and economic factors, including U.S./China trade relations, national security policies, and global, regional and local economic conditions, which could impact its business and results of operations.