Cristiano R. Amon
President and Chief Executive Officer at QUALCOMM
Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. This is an amazing time to be part of Qualcomm. The need for our technologies and products has never been more evident. We are seeing demand across virtually every industry, because our products and technologies are essential ingredients that enable digital transformation in the cloud economy. We are leading and expect to continue to lead in mobile.
In addition, we also expect to lead the evolution of the connected intelligent edge by transforming connectivity and processing in cars, the enterprise, the home, smart factories, next-generation PCs and tablets, XR, wearables and many more. This is the foundation of our revenue diversification strategy. This strong performance in our business has led to fiscal third quarter revenues and earnings per share that exceeded the high-end of our guidance. Most importantly, we are on track to realize approximately $10 billion in combined revenues across IoT, RF front-end and automotive in fiscal year '21, validating the positive financial impact of our revenue diversification strategy.
Let me provide you now with some additional details. The foundation of our IoT strategy is edge connectivity and processing for the growing cloud-based economy. In consumer, we're seeing strong demand, driven by a consumer electronics upgrade cycle, and growth in emerging product categories such as XR and wearables. In edge networking, we had another great quarter with continued momentum driven by the enterprise transformation of the home in the second wave on enterprise demand driven by return to the workplace.
We're also seeing rapid adoption of WiFi 6, and increased demand for both 4G and 5G mobile broadband devices. In industrial, our product offerings are purpose-built for key verticals such as transportation and logistics, warehousing, video collaboration, smart cameras, retail and more. We are at the forefront of enabling this new ecosystem and also making 5G for industrial applications a reality. We are becoming the connected intelligent edge partner of choice.
As demand for Automotive Solutions increase, we're pleased to report that our automotive revenue design win pipeline has reached approximately $10 billion and based on our third quarter results, our annualized automotive revenue run rate is now over $1 billion. This reflects continued traction across global automakers in Tier 1 customers. Our automotive telematics in connectivity platforms, digital cockpit in C-V2X solutions are at the intersection of key automotive industry trends, such as the continued growth of connected vehicles, the transformation of the in-car experience in vehicle electrification.
As the digital chassis becomes one of the most important assets of automakers, we remain well-positioned for continued growth as a leading technology partner for the industry. In RF front-end, we believe we are on track to become the largest smartphone RF front-end supplier by revenue. Looking forward, we expect to have technology leadership across virtually all handset RF front-end components, while continue to lead in modem-to-antenna system performance.
Now, I will provide an update on two key drivers for our handset revenues. First, we continue to be positively impacted by the growth in 5G in changing OEM landscape, resulting in the expansion of our addressable handset opportunity. Our Snapdragon 8 Series mobile platforms have shown significant design win momentum. More than half of our 5G smartphone design wins to-date are using our 8 Series, and total design wins for our Snapdragon 888 increased more than 20% quarter-over-quarter. We're also seeing strong traction with our Snapdragon 7 Series mobile platforms with nearly 40 new devices shipped or announced during this last quarter alone. Based on our design win traction and performance of our customers, we have increased confidence in growing our handset revenues. Snapdragon Premium in high-tier solutions remain synonymous with Android flagship mobile experiences.
Second, we're still on track to materially improve supply by the end of the calendar year. We're securing incremental capacity across both leading and mature nodes and optimizing the allocation of our products across the global supply chain. We're also making progress with our multi-sourcing initiatives. In fiscal Q3, the Snapdragon 778G, the first of several products from our multi-sourcing initiatives was commercialized in record time, and is now shipping in volume. Additional products from our multi-sourcing initiatives will be commercialized in the coming months.
I would like to thank our employees, our suppliers, and our customers for helping us navigate the challenging supply environment. In our licensing business, our third quarter results reflect the strength of our patent portfolio and the stability of our licensing program. We are a global 5G IP leader with more than 150 5G license agreements signed to-date, up from more than 130 [Phonetic] last quarter. We continue to develop and patent new essential innovations for future releases of 5G, and we expect 5G to have a longer life cycle than prior generations, due to its broad application across multiple industries.
I would now like to turn the call over to Akash.