Cristiano R. Amon
President & Chief Executive Officer at QUALCOMM
Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. As we shared at our Investor Day last November, Qualcomm is at the intersection of transformative trends that are generating demand for our broad technology portfolio across virtually every industry. This is creating strong growth and diversification opportunities beyond handsets.
These trends, which include the enterprise transformation of the home, convergence of mobile and PC, merging of physical and digital spaces, the digital transformation of industries, connectivity and processing at the edge, the automotive digital chassis and 5G have only continued to accelerate. They are driving our financial outperformance in a greater than 7 times addressable market expansion to approximately $700 billion in the next decade.
As you can see from our results, we delivered record revenues of $11.2 billion and non-GAAP earnings of $3.21 per share, representing year-over-year growth of 41% and 60% respectively, both exceeding the high-end of our guidance. In QCT, our chipset business and the growth engine of the company, we saw strength across the entire portfolio. Revenues of $9.5 billion were also a record and reflect our continued diversification.
Our Automotive design win pipeline is now over $16 billion, up more than $3 billion since fiscal Q1. IoT revenues grew 61% year-over-year with strong growth across all 3 categories of consumer, edge networking and industrial. RF front-end revenues revenues grew 28% year-over-year and handset revenues grew 56% year-over-year. These results demonstrate that our growth drivers remain unchanged and our strategy is working.
Our one technology roadmap across wireless connectivity, advanced edge processing and power-efficient AI is incomparable across our peer group. In fact, advanced processing and artificial intelligence are the fastest-growing silicon content areas for Qualcomm. As such, we can no longer be defined just as a communications company serving one industry. Rather, Qualcomm is a leading-connected processor company for the intelligent edge serving multiple new end markets and enabling the growth of the cloud connected economy.
As we continue to expand, we remain on-track to meet our Investor Day financial projections, and I will now provide an update on our progress to-date. In Automotive, our horizontal platform the Snapdragon Digital Chassis is a significant driver of our growing design win pipeline and is increasingly becoming a key asset for automakers. Our Digital Chassis comprises a full suite of open, flexible and scalable platforms for telematics, connectivity, digital cockpit, ADAS and autonomy and Cloud services. With leading system solutions expertise and capabilities across multiple domains, Qualcomm is fast becoming the preferred industry partner for the auto industry and is well-positioned for continued growth.
Since our last earnings call, we significantly expanded our Snapdragon Digital Chassis capabilities. First, the Arriver acquisition enhance our ability to deliver open, fully integrated and competitive ADAS solutions to automakers and Tier 1 suppliers at scale. As a result of the acquisition, we are incorporating Arriver's computer vision, drive policy and driver assistance assets into Snapdragon Ride.
Second, we recently announced a long-term cooperation with BMW to jointly develop and extend BMW Automated Drive software to the Snapdragon Ride platform. A co-developed solution is scalable and customizable and can be offered by Qualcomm to other automotive OEMs across all tiers. We are also pleased with our multi-year technology collaboration with Stellantis, which will be utilizing our Snapdragon Automotive Cockpit Platforms across the automakers 14 brands. Upcoming Stellantis vehicles will also be featuring 5G capabilities for telematics systems based on our Snapdragon Auto 5G Modem RF platforms.
In consumer IoT, Android tablets are becoming collaboration tools and increasingly demand is shifting from entry-level commodity tablets to premium connected computing devices, a clear validation of the convergence of mobile and PC. We are pleased that Snapdragon 8 Gen 1 is powering the newest flagship tablets, such as the Galaxy Tab S8 Series globally. Additionally, we are growing in premium and high-tier devices with OEMs such as Lenovo, HP and OPPO.
We're also pleased to see the announcement of the first-ever premium Windows on ARM enterprise focus laptop, the Lenovo ThinkPad X13s powered by the new Snapdragon 8cx Gen 3 Compute platform. This new ThinkPad features 5G mmWave, AI accelerated experiences, advanced camera and audio technology and ultra-slim fan-less design and up to 28 hours of battery life on a single charge. We are encouraged by the broad interest in our upcoming products utilizing our industry-leading CPUs design by our NUVIA new team. We continue to drive the inevitable transition to ARM-based computing while redefining the future of mobile productivity.
In edge networking, we continue to benefit from the demand for global connectivity required for remote work, school and play and we provide industry-leading solutions enabling the migration to Wi-Fi 6 and Wi-Fi 6E mesh technologies. We also recently announced awards first and fastest Wi-Fi 7 Commercial Solution, which we believe will further extend our leadership position. With multi-gigabit WiFi-performance ultra-low latency and unmatched spectrum versatility, we believe our Wi-Fi 7 solutions will unlock a new era of advanced consumer and industrial applications.
Our 5G fixed wireless access solutions also continue to gain traction as a last mile broadband solution. We now have more than 125 fixed wireless access designs announced or in development by more than 40 OEMs. We also introduced next-generation features such as standalone 5G mmWave support in our RF sensing suite to enable operators to extend their 5G service offerings to the home and enterprise.
Industrial IoT experienced the fastest year-over-year revenue growth within IoT this quarter, driven by continued demand for both connectivity and advanced processing at the edge. Notably, this quarter, we saw accelerated demand for ruggedized handheld devices for warehousing, logistics and healthcare industries as well as for robotics platforms. Going forward, we are actively building an ecosystem of system integrators and channel partners to support the scale of our industrial IoT platforms as they become critical for the digital transformation of multiple verticals.
In handsets, we had record revenues of $6.3 billion, driven by continued traction with leading smartphone OEMs such as Samsung, Xiaomi, OPPO, Vivo and Honor where Snapdragon continues to be the mobile technology platform-of-choice for premium and high-tier Android. We now have approximately 75% of the premium tier processor volume for Samsung's Galaxy S22 smartphones, up from approximately 40% in the Galaxy S21. Samsung's strategy to adopt Qualcomm for the majority of volume is significant and validates our platform leadership as well as consumer preference for the Snapdragon brand.
Our Snapdragon mobile solutions continue to define premium smartphone experiences. Let me highlight a few examples from our Snapdragon 8 Gen 1. In Imaging, devices enabled by this platform achieved the highest DXOMARK ever, making it the best smartphone camera in the world. In connectivity, our solution features the world's first 5G AI processor in the modem RF system enabling AI-based performance enhancements, antenna tuning, network selection and more. In AI, our 7 generation AI engine doubles the computational performance versus the previous generation.
Our handset strategy, as outlined at Investor Day, is enabling share gains in enhancing our ability to capture the most significant portion of the revenue opportunity. In RF front-end, we continue to drive 5G modem RF leadership. Our 5th Generation Modem RF system now implements advanced features such as AI integration, mmWave and sub-6 dual connectivity and 5G sub-6 care aggregation with FDD and TDD spectrum. Looking forward, in addition to growth in handsets, we're expanding RF front-end into Automotive and IoT.
In our licensing business, revenues of $1.6 billion were above the midpoint of our guidance driven by the most valuable patent portfolio in the industry, and we continue to develop and patent new essential innovations for future releases of 5G and beyond. Lastly, demand remains strong across all our technologies and continue to exceed supply. We believe our multi-sourcing and capacity expansion initiatives will continue to provide incremental improvements to our supply throughout the year.
With our one technology roadmap and demand for our products and solutions across virtually all industries, we are in an incredible position to continue providing high-performance, low power computing on-device intelligence and everything wireless. Our plan remains on-track, and I'm very excited for the future of Qualcomm.
I would now like to turn the call over to Akash.