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Qualcomm reports $10.4B in revenue, says Xiaomi will be the 'first OEM to launch with our next Snapdragon 8 Elite chip'

Qualcomm is seeing strong demand for its chips and looks forward to its next flagship launch.

Meanwhile, automotive and IoT saw larger 21% and 24% growth, respectively, thanks to the company's push for AI processing, as noted by Qualcomm CEO Cristiano Amon. "Looking ahead, we expect the range of on-device agentic AI use cases will continue to expand and reshape the mobile industry." "As I mentioned in my prepared remarks, we're going to announce our new chip at the end of September, and we are already working with several OEMs for [the] launch of new devices based on a tremendous interest in it.

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