高通 (QCOM) 2023 Q3 法說會逐字稿

內容摘要

高通公佈了強勁的第三季度財報,非 GAAP 每股收益為 1.87 美元,非 GAAP 收入為 84 億美元。該公司的芯片組業務和許可業務以及汽車和物聯網領域均實現增長。高通的驍龍8系列移動平台繼續引領市場,並且該公司正在擴大其在5G智能手機市場的影響力。他們還專注於生成人工智能功能的開發,並宣布與 Meta 和微軟合作。

該公司對當前的宏觀經濟環境採取保守態度,並將實施成本削減措施。高通預計第四財季營收為 81 億美元至 89 億美元,非 GAAP 每股收益為 1.80 美元至 2 美元。他們預計全球手機銷量將略有增長,QCT 收入將保持穩定。他們還計劃在 24 財年上半年實施額外的成本行動。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, August 2, 2023. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13739729.

    女士們先生們,感謝你們的支持。歡迎參加高通 2023 財年第三季度收益電話會議。 (操作員說明)謹此提醒,本次會議錄製時間為 2023 年 8 月 2 日。今天通話的回放號碼為 (877) 660-6853。國際電話請撥打 (201) 612-7415。播放預約號碼為13739729。

  • I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

    我現在想將電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。洛佩茲-霍多揚先生,請繼續。

  • Mauricio Lopez-Hodoyan - Vice President of Investor Relations

    Mauricio Lopez-Hodoyan - Vice President of Investor Relations

  • Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. In addition, Alex Rogers will join the question-and-answer session. You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

    謝謝大家,大家下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙 (Cristiano Amon) 和阿卡什·帕爾希瓦拉 (Akash Palkhiwala) 準備好的講話。此外,亞歷克斯·羅傑斯(Alex Rogers)也將參加問答環節。您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議附帶的幻燈片演示。此外,本次電話會議正在 qualcomm.com 上進行網絡直播,今天晚些時候將在我們的網站上提供重播。

  • During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results.

    在今天的電話會議中,我們將使用 G 條例中定義的非 GAAP 財務指標,您可以在我們的網站上找到與 GAAP 相關的調節表。我們還將做出前瞻性陳述,包括對未來事件、業務或行業趨勢或業務或財務業績的預測和估計。

  • Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

    實際事件或結果可能與我們前瞻性陳述中的預測存在重大差異。請參閱我們向 SEC 提交的文件,包括我們最近的 10-K,其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

  • And now to comments from Qualcomm's President and Chief Executive Officer, Cristiano Amon.

    現在請聽高通總裁兼首席執行官克里斯蒂亞諾·阿蒙 (Cristiano Amon) 的評論。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In our fiscal Q3, we delivered results consistent with our guidance, with non-GAAP earnings of $1.87 per share, above the midpoint of our guidance. We recorded fiscal Q3 non-GAAP revenues of $8.4 billion, including $7.2 billion from our chipset business and $1.2 billion from our licensing business.

    謝謝毛里西奧,大家下午好。感謝您今天加入我們。在第三財季,我們的業績與我們的指導一致,非 GAAP 每股收益為 1.87 美元,高於我們指導的中點。我們第三季度的非公認會計原則收入為 84 億美元,其中包括來自芯片組業務的 72 億美元和來自許可業務的 12 億美元。

  • This quarter also marked our 11th straight quarter of year-over-year double-digit percentage growth in QCT automotive revenues. We are pleased with our technology, product and design win execution, positioning us well for continued leadership enhancements and future growth and diversification in automotive and IoT.

    本季度也標誌著我們的 QCT 汽車收入連續第 11 個季度實現兩位數百分比增長。我們對我們的技術、產品和設計贏得執行感到滿意,這使我們為持續增強領導地位以及汽車和物聯網領域的未來增長和多元化做好了準備。

  • I will now share some highlights from across the business. Our Snapdragon 8 series mobile platforms continue to set the benchmark for premium tier mobile experiences. Smartphones powered by our Snapdragon 8 Gen 2 represent the top devices according to AnTuTu benchmarks in Android Authority.

    現在我將分享整個行業的一些亮點。我們的 Snapdragon 8 系列移動平台繼續為高端移動體驗樹立標杆。根據 Android Authority 的安兔兔基準測試,搭載 Snapdragon 8 Gen 2 的智能手機代表了頂級設備。

  • We are also pleased that the Snapdragon 8 Gen 2 for Galaxy will again power Samsung's newest flagship device lineup globally, the Galaxy Z Flip5, Galaxy Z Fold5 and the Galaxy Tab S9 series. Our fastest Snapdragon ever for Samsung defines a new standard in smartphone computing capabilities, AI experiences, desktop-level gaming features, professional-grade photography, enhanced mobile productivity and more. This launch underscores Qualcomm and Samsung's mutual commitment to delivering premium consumer experiences for flagship Galaxy devices. We are extremely proud of our successful partnership with Samsung Mobile.

    我們還很高興 Galaxy 的 Snapdragon 8 Gen 2 將再次為三星全球最新旗艦設備系列 Galaxy Z Flip5、Galaxy Z Fold5 和 Galaxy Tab S9 系列提供支持。我們為三星打造的最快的 Snapdragon 定義了智能手機計算功能、人工智能體驗、桌面級遊戲功能、專業級攝影、增強的移動生產力等方面的新標準。此次發布凸顯了高通和三星為旗艦 Galaxy 設備提供優質消費者體驗的共同承諾。我們對與三星移動的成功合作感到非常自豪。

  • We are also pleased to extend Snapdragon experiences to mass market 5G smartphones. The redesigned Snapdragon 4 Gen 2 mobile platform will bring premium experiences at reduced prices to help drive 4G to 5G migration, especially in new 5G deployments worldwide. We're looking forward to device announcements in the second half of 2023.

    我們也很高興將 Snapdragon 體驗擴展到大眾市場 5G 智能手機。重新設計的 Snapdragon 4 Gen 2 移動平台將以更低的價格帶來優質體驗,幫助推動 4G 到 5G 的遷移,特別是在全球新的 5G 部署中。我們期待在 2023 年下半年發佈設備。

  • In automotive, we hosted our first Automotive Summit in Suzhou, China, with more than 1,000 automotive OEMs, Tier 1s, ecosystem partners, media, analysts and government officials in attendance. The broad participation at the event demonstrates Qualcomm's strong position as a technology partner to the growing automotive ecosystem worldwide, especially EVs as well as Snapdragon Digital Chassis technology and product leadership. We also won more than 10 new designs with leading automakers across the globe for next-generation digital cockpit and telematics systems.

    在汽車領域,我們在中國蘇州舉辦了首屆汽車峰會,超過 1,000 家汽車 OEM、一級供應商、生態系統合作夥伴、媒體、分析師和政府官員出席了會議。此次活動的廣泛參與彰顯了高通作為全球不斷發展的汽車生態系統技術合作夥伴的強大地位,特別是電動汽車以及驍龍數字底盤技術和產品領先地位。我們還贏得了全球領先汽車製造商的 10 多項下一代數字駕駛艙和遠程信息處理系統的新設計。

  • In consumer IoT, the recently announced Meta Quest 3 is the first virtual and mixed reality headset to be powered by a next-generation Snapdragon XR platform developed in collaboration with Meta. The Quest 3 features 2x the graphical performance, higher resolution and a slimmer, more comfortable form factor than the Quest 2. We're also helping to drive the growing ecosystem of VR and MR developers in China. OPPO recently announced their OPPO MR Glass Developer Edition powered by Snapdragon XR2+.

    在消費物聯網領域,最近發布的 Meta Quest 3 是首款由與 Meta 合作開發的下一代 Snapdragon XR 平台提供支持的虛擬和混合現實耳機。 Quest 3 的圖形性能是 Quest 2 的兩倍,分辨率更高,外形更纖薄、更舒適。我們還幫助推動中國 VR 和 MR 開發者生態系統的不斷發展。 OPPO 最近發布了搭載 Snapdragon XR2+ 的 OPPO MR Glass 開發者版。

  • And in compute, our next-generation PC platform with integrated custom Oryon CPUs in a significantly upgraded AI engine remains on track for commercial readiness. We look forward to sharing more information at our Snapdragon Summit in October. In networking IoT, we continue to gain momentum with Wi-Fi 7 customer design wins. As an example, TP-Link expanded its retail small and medium business lines by launching 5 new routers spanning indoor and outdoor deployment scenarios, all based on Qualcomm Networking Pro Wi-Fi 7 platforms. Lastly, we're very pleased to share that we have begun shipping our fixed wireless access solutions in support of Reliance Jio's upcoming 5G FWA service in India.

    在計算方面,我們的下一代 PC 平台在顯著升級的 AI 引擎中集成了定制 Oryon CPU,仍有望實現商業準備。我們期待在 10 月份的 Snapdragon 峰會上分享更多信息。在物聯網領域,我們憑藉 Wi-Fi 7 客戶設計的勝利繼續獲得動力。例如,TP-Link 通過推出 5 款跨越室內和室外部署場景的新路由器來擴展其零售中小型業務線,所有路由器均基於 Qualcomm Networking Pro Wi-Fi 7 平台。最後,我們非常高興地宣布,我們已開始交付固定無線接入解決方案,以支持 Reliance Jio 即將在印度推出的 5G FWA 服務。

  • In industrial IoT, we launched a video collaboration platform suite, which provides OEMs choice and flexibility for the design and deployment of immersive video conference devices across conference rooms, health care settings and at-home video calling with friends and family. Enabling Windows, Android and Linux on our platforms offers the ability to customize and deploy videoconferencing products across diverse environments. Additionally, our platforms offer industry-leading AI-based noise suppression and dynamic framing. We also launched the QCS8550 and QCS4490, our first software-defined IoT solutions, at Hannover Messe. These solutions enable next-gen smart cameras, drones, robotics, cloud gaming, industrial handhelds, panels, point-of-sale devices and more.

    在工業物聯網領域,我們推出了視頻協作平台套件,為 OEM 提供了在會議室、醫療保健環境以及與朋友和家人進行家庭視頻通話時設計和部署沉浸式視頻會議設備的選擇和靈活性。我們的平台支持 Windows、Android 和 Linux,從而能夠在不同的環境中定制和部署視頻會議產品。此外,我們的平台提供業界領先的基於人工智能的噪聲抑制和動態取景。我們還在漢諾威工業博覽會上推出了 QCS8550 和 QCS4490,這是我們的首款軟件定義物聯網解決方案。這些解決方案支持下一代智能相機、無人機、機器人、雲遊戲、工業手持設備、面板、銷售點設備等。

  • Lastly, together with Arrow Electronics, we announced a strategic collaboration to accelerate edge and AI adoption through the formation of Edge Labs, an Arrow Center of Excellence designed to help customers alleviate IoT development challenges while increasing adoption of edge AI across a variety (technical difficulty) with an update on our progress in generative AI since the last call. We're very pleased and encouraged by the rapid acceleration of gen AI at the edge. This presents a significant opportunity for Qualcomm across our end markets.

    最後,我們與艾睿電子(Arrow Electronics) 宣布開展戰略合作,通過成立Edge Labs 來加速邊緣和人工智能的採用,該實驗室是艾睿卓越中心,旨在幫助客戶緩解物聯網開發挑戰,同時提高邊緣人工智能在各種(技術難度)領域的採用。 )以及自上次通話以來我們在生成人工智能方面的最新進展。我們對邊緣人工智能的快速發展感到非常高興和鼓舞。這為高通在終端市場提供了重大機遇。

  • Use cases at the edge are evolving differently than the cloud given the inherent context, immediacy, privacy, security, application reliability and personalization capabilities available on device. For example, in handsets, models such as Stable Diffusion and ControlNet are changing user experiences for content creation and photography. Large language models embedded in the user interface can also enable enhanced virtual assistants. In personal computing, real-time Copilots can bring significant enhancements to productivity and creativity, the benefits of which are well understood and very compelling for enterprises across industries.

    考慮到設備上可用的固有上下文、即時性、隱私、安全性、應用程序可靠性和個性化功能,邊緣用例的發展方式與云不同。例如,在手機中,Stable Diffusion 和 ControlNet 等模型正在改變用戶的內容創建和攝影體驗。嵌入用戶界面中的大型語言模型還可以啟用增強的虛擬助手。在個人計算中,實時 Copilot 可以顯著提高生產力和創造力,其好處已為各行業的企業所熟知且非常引人注目。

  • We believe the automotive industry will use some of the most advanced edge AI capabilities from large language models for personalized and curated content and services, driver and occupant monitoring and AI virtual assistants to contextual search. ADAS and autonomy applications can be enhanced by the fusion of data from cameras and other sensors for combined real world perception, drive path prediction and more. We're helping enable this capabilities and expect gen AI use cases to extend to XR, edge networking and industrial IoT.

    我們相信汽車行業將使用一些最先進的邊緣人工智能功能,從用於個性化和策劃內容和服務的大型語言模型、駕駛員和乘員監控以及人工智能虛擬助手到上下文搜索。 ADAS 和自主應用可以通過融合來自攝像頭和其他傳感器的數據來增強,以實現組合的現實世界感知、駕駛路徑預測等。我們正在幫助實現這一功能,並期望將新一代人工智能用例擴展到 XR、邊緣網絡和工業物聯網。

  • Within the quarter, we expanded our collaborations across the ecosystem, and we are engaged with multiple hyperscalers, OEMs and ISVs. Notably, we recently announced a collaboration with Meta on Llama 2-based AI implementations on flagship smartphones and PCs that will enable developers to create new and exciting gen AI applications using the AI capabilities of Snapdragon platforms beginning in 2024. Together with Meta, we're working to optimize the execution of Meta's Llama 2 large language models directly on device.

    在本季度內,我們擴大了整個生態系統的合作,並與多個超大規模提供商、原始設備製造商 (OEM) 和獨立軟件開發商 (ISV) 進行了合作。值得注意的是,我們最近宣布與Meta 合作,在旗艦智能手機和PC 上實現基於Llama 2 的人工智能,使開發人員能夠從2024 年開始使用Snapdragon 平台的人工智能功能創建令人興奮的新一代人工智能應用程序。我們正在努力直接在設備上優化 Meta 的 Llama 2 大語言模型的執行。

  • We also announced a focused collaboration with Microsoft to scale AI capabilities and bring best-in-class AI experience to users across consumer, enterprise and industrial devices. At the Microsoft Build developer conference, our own device, Stable Diffusion, was showcased on a Windows on Snapdragon-powered laptop. We're also working with them to enable a host of productivity-based applications with multiple large models running on the device. As part of this collaboration, our AI Engine Direct SDK is now available to Windows developers to easily accelerate their AI apps on Snapdragon compute platforms. This marks a significant milestone.

    我們還宣布與 Microsoft 進行重點合作,以擴展 AI 功能,並為消費者、企業和工業設備的用戶帶來一流的 AI 體驗。在 Microsoft Build 開發者大會上,我們自己的設備 Stable Diffusion 在基於 Snapdragon 的 Windows 筆記本電腦上進行了展示。我們還與他們合作,支持大量基於生產力的應用程序,並在設備上運行多個大型模型。作為此次合作的一部分,我們的 AI Engine Direct SDK 現在可供 Windows 開發人員使用,以輕鬆加速 Snapdragon 計算平台上的 AI 應用程序。這標誌著一個重要的里程碑。

  • In summary, we are uniquely positioned to help shape and capitalize on the upcoming on-device gen AI opportunity. Our AI technology is highly differentiated, with best-in-class high-performance low-power heterogeneous computing across our CPU, GPU and NPU. And as multibillion parameter gen AI models run pervasively and continuously on device, we believe our NPUs' unparalleled AI processing performance and power efficiency will become a requirement. We look forward to sharing more about our gen AI capable products at Snapdragon Summit in October.

    總之,我們處於獨特的地位,可以幫助塑造和利用即將到來的設備上一代人工智能機會。我們的人工智能技術具有高度差異化,在 CPU、GPU 和 NPU 上擁有一流的高性能低功耗異構計算。隨著數十億參數的人工智能模型在設備上普遍且持續地運行,我們相信我們的 NPU 無與倫比的人工智能處理性能和功效將成為一項要求。我們期待在 10 月份的 Snapdragon 峰會上分享更多有關我們的新一代 AI 產品的信息。

  • Before I turn the call over to Akash, I would like to provide an update on how we are managing our business in the current macroeconomic environment. We remain focused on executing our strategy and prioritizing capital and resource allocation on our future growth and diversification opportunities. Simultaneously, we are focused on long-term operating margin targets, all while maintaining technology leadership across wireless connectivity, high-performance, low-power processing and artificial intelligence.

    在將電話轉給 Akash 之前,我想介紹一下我們在當前宏觀經濟環境下如何管理業務的最新情況。我們仍然專注於執行我們的戰略,並優先考慮未來增長和多元化機會的資本和資源配置。同時,我們專注於長期運營利潤目標,同時保持無線連接、高性能、低功耗處理和人工智能方面的技術領先地位。

  • To that end, we're taking a conservative view of the market and will be proactively taking additional cost actions to ensure Qualcomm is well positioned to deliver maximum value for stockholders in an uncertain environment.

    為此,我們對市場持保守態度,並將積極採取額外的成本行動,以確保高通處於有利位置,在不確定的環境中為股東提供最大價值。

  • I would now like to turn the call over to Akash.

    我現在想將電話轉給阿卡什。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Thank you, Cristiano, and good afternoon, everyone. I'll start with our third fiscal quarter results. We delivered non-GAAP revenues of $8.4 billion and EPS of $1.87, which was above the midpoint of our guidance. QTL recorded revenues of $1.2 billion and EBT margin of 66%, reflecting slightly lower-than-expected global devices. QCT revenues of $7.2 billion and EBT margin of 24% were consistent with the midpoint of our guidance.

    謝謝你,克里斯蒂亞諾,大家下午好。我將從我們第三財季的業績開始。我們實現了非 GAAP 收入 84 億美元,每股收益 1.87 美元,高於我們指導的中點。 QTL 錄得收入 12 億美元,息稅前利潤率為 66%,反映出全球設備略低於預期。 QCT 收入為 72 億美元,EBT 利潤率為 24%,與我們指導的中值一致。

  • Handset revenues of $5.3 billion reflected the industry landscape we have previously outlined. IoT revenues increased 7% sequentially to $1.5 billion, driven by consumer and industrial IoT customers. We saw continued momentum in automotive for our Snapdragon Digital Chassis products with revenues of $434 million, a growth of 13% year-over-year. Non-GAAP operating expenses were flat sequentially at $2.2 billion.

    53 億美元的手機收入反映了我們之前概述的行業格局。在消費者和工業物聯網客戶的推動下,物聯網收入環比增長 7%,達到 15 億美元。我們看到我們的 Snapdragon 數字底盤產品在汽車領域持續增長,收入達 4.34 億美元,同比增長 13%。非 GAAP 運營支出與上一季度持平,為 22 億美元。

  • We have successfully executed on our fiscal '23 cost actions and are on track to exceed our commitment of a 5% reduction relative to fiscal '22 exit rate. During the quarter, the sale of Veoneer's Active Safety business to Magna was completed for net cash proceeds of $1.5 billion.

    我們已成功執行了 23 財年的成本行動,並有望超越我們相對於 22 財年退出率降低 5% 的承諾。本季度,維寧爾主動安全業務向麥格納的出售已完成,淨現金收益為 15 億美元。

  • Before turning to the fourth fiscal quarter guidance, I'll update you on global 3G, 4G, 5G handset units and channel inventory. We continue to estimate that calendar '23 handset units will be down at least a high single-digit percentage relative to calendar '22, reflecting the macro environment and a slower recovery in China. This forecast contemplates growth in handset units going into the holiday season.

    在討論第四財季指引之前,我將向您介紹全球 3G、4G、5G 手機銷量和渠道庫存的最新情況。我們繼續估計,與 22 日曆年相比,23 日曆年手機銷量將至少下降高個位數百分比,反映了宏觀環境和中國較慢的複蘇。這一預測考慮到了假日季節手機銷量的增長。

  • In IoT, channel inventory remains elevated due to weaker demand driven by the broader macroeconomic conditions. Since it remains difficult to predict the timing of a sustained recovery and customers remain cautious with purchases, we continue to operate under the assumption that inventory drawdown dynamics will be a factor through the end of the calendar year.

    在物聯網領域,由於更廣泛的宏觀經濟狀況導致需求疲軟,渠道庫存仍然較高。由於仍然難以預測持續復甦的時間,並且客戶對購買仍保持謹慎態度,因此我們繼續假設庫存下降動態將成為整個日曆年年底的一個因素。

  • Turning to guidance for the fourth fiscal quarter. We are forecasting revenues of $8.1 billion to $8.9 billion and non-GAAP EPS of $1.80 to $2. In QTL, we estimate revenues of $1.15 billion to $1.35 billion and EBT margins of 64% to 68%, driven by a slight sequential increase in global handset units. In QCT, we expect revenues of $6.9 billion to $7.5 billion and EBT margins of 24% to 26%.

    轉向第四財季的指導。我們預計收入為 81 億美元至 89 億美元,非 GAAP 每股收益為 1.80 美元至 2 美元。在全球手機銷量略有增長的推動下,我們預計 QTL 的收入為 11.5 億至 13.5 億美元,息稅前利潤率為 64% 至 68%。在 QCT 中,我們預計收入為 69 億美元至 75 億美元,EBT 利潤率為 24% 至 26%。

  • This forecast is consistent with our prior guidance of muted seasonality in QCT revenues primarily due to the timing of purchases by a modem-only handset customer. On a sequential basis, we are forecasting Android handset revenues to be roughly flat, with mid-single-digit decline in IoT and low double-digit growth in automotive. Lastly, we expect non-GAAP operating expenses to be approximately flat relative to the third quarter.

    這一預測與我們之前的指導一致,即 QCT 收入季節性溫和,主要是由於僅使用調製解調器的手機客戶的購買時機。從環比來看,我們預計 Android 手機收入將大致持平,物聯網領域將出現中個位數下降,汽車領域將出現兩位數低增長。最後,我們預計非公認會計準則運營費用將與第三季度大致持平。

  • As we approach fiscal '24, our revenue growth will largely depend on macroeconomic environment, global handset units and China recovery. In the first fiscal quarter, we expect 2 drivers of sequential revenue growth: QTL seasonality and handset launch by a modem-only customer. In addition, we expect a sequential decline in IoT and automotive revenues, consistent with the seasonal trend we've seen in the last couple of years.

    隨著 24 財年的臨近,我們的收入增長將在很大程度上取決於宏觀經濟環境、全球手機銷量和中國的複蘇。在第一財季,我們預計收入連續增長有兩個驅動因素:QTL 季節性和僅使用調製解調器的客戶推出手機。此外,我們預計物聯網和汽車收入將連續下降,這與我們過去幾年看到的季節性趨勢一致。

  • As you'll recall, we had previously communicated we would evaluate additional cost actions as the environment continues to evolve. Until we see sustained signs of improving fundamentals, our operating framework does not assume an immediate recovery. Given our commitment to operating discipline, we will proactively implement additional cost actions in the first half of fiscal '24. This will be incremental to the reductions we have successfully completed in fiscal '23. Despite these actions, we will preserve investments in our strategic priorities and position ourselves to emerge stronger as the recovery from the broader industry begins to take hold.

    您可能還記得,我們之前曾表示,隨著環境的不斷發展,我們將評估額外的成本行動。在我們看到基本面持續改善的跡象之前,我們的運營框架不會立即復蘇。鑑於我們對運營紀律的承諾,我們將在 24 財年上半年積極實施額外成本行動。這將是我們在 23 財年成功完成的削減的增量。儘管採取了這些行動,我們仍將保留對戰略重點的投資,並在更廣泛的行業開始復蘇時使自己變得更加強大。

  • In closing, we remain focused on executing on our vision to bring connectivity, high-performance low-power computing and on-device generative AI to the edge. Our guiding principles remain the same: prioritize technology leadership, accelerate diversification and drive earnings growth to create value for our stockholders.

    最後,我們仍然專注於實現我們的願景,將連接、高性能低功耗計算和設備上的生成​​人工智能帶到邊緣。我們的指導原則保持不變:優先考慮技術領先、加速多元化並推動盈利增長,為股東創造價值。

  • This concludes our prepared remarks. Back to you, Mauricio.

    我們準備好的發言到此結束。回到你身邊,毛里西奧。

  • Mauricio Lopez-Hodoyan - Vice President of Investor Relations

    Mauricio Lopez-Hodoyan - Vice President of Investor Relations

  • Thank you, Akash. Operator, we are now ready for questions.

    謝謝你,阿卡什。接線員,我們現在準備好提問了。

  • Operator

    Operator

  • (Operator Instructions) The first question is from Matt Ramsay with TD Cowen.

    (操作員說明)第一個問題來自 TD Cowen 的 Matt Ramsay。

  • Matthew D. Ramsay - MD & Senior Research Analyst

    Matthew D. Ramsay - MD & Senior Research Analyst

  • Akash, I guess for my first question, you were kind enough to give us a little bit of color in your prepared script just now on December. And you went through a few things there pretty quickly, so I wanted to double-click on a few. Maybe you could recap for us just the trends you expect in handsets versus IoT and auto that you gave.

    阿卡什,我想對於我的第一個問題,你很友善地在 12 月剛剛準備好的劇本中為我們提供了一些色彩。你很快就完成了一些事情,所以我想雙擊其中一些。也許您可以為我們回顧一下您所期望的手機與物聯網和汽車領域的趨勢。

  • And in particular, you talked about some seasonality being better in the fourth calendar quarter in the handset market, but that inventory burn was still going to be part of the dynamic. So if you could talk through that in a little bit more detail, what kind of magnitude are you expecting for the industry in the fourth quarter? What's built into your estimates? And is the inventory burn just an Android dynamic? Or do you think that the prepurchases from Cupertino are still an effect in the December quarter?

    特別是,您談到手機市場第四季度的季節性情況有所好轉,但庫存消耗仍然是動態的一部分。那麼,如果您能更詳細地談談這個問題,您預計第四季度該行業的規模會是多大?您的估算包含哪些內容?庫存消耗只是 Android 的動態嗎?或者您認為庫比蒂諾的預購仍然對 12 月季度產生影響嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Sure, Matt. So there was a lot in there. I'll try to unpack it. Let me divide it into parts. So first, starting with the market. Our forecast does assume sequential growth into the December quarter as we go into the holiday season. From a financial perspective, consistent with historical years, we typically have 2 significant drivers of growth going into December from September. First is QTL, and we expect to see that growth as the market grows as well, and then second is a handset launched by a modem-only customer. Off of the base we have in September, we expect to see that growth as well.

    當然,馬特。所以里面有很多東西。我會嘗試打開它的包裝。讓我把它分成幾部分。首先,從市場入手。我們的預測確實假設隨著假期季節的到來,十二月季度將出現連續增長。從財務角度來看,與歷史年份一致,從 9 月到 12 月,我們通常有兩個重要的增長驅動因素。首先是 QTL,我們預計會隨著市場的增長而增長,其次是僅使用調製解調器的客戶推出的手機。在 9 月份的基礎上,我們預計也會看到這種增長。

  • So those would be the 2 significant growth drivers into the quarter. From an IoT and automotive perspective, if you look at the last couple of years, we've seen a trend of a slight decline in both areas quarter-over-quarter from September to December. So we just think the same seasonality will play out, not something that goes beyond that. It's just a normal timing that we've seen in the market in the past.

    因此,這些將是本季度的兩個重要增長動力。從物聯網和汽車的角度來看,如果你看看過去幾年,我們發現從 9 月到 12 月這兩個領域都呈現逐季略有下降的趨勢。所以我們只是認為同樣的季節性將會出現,而不是超出這個範圍。這只是我們過去在市場上看到的正常時機。

  • Maybe the last comment I'll say is our forecast for September and December quarter does assume no material revenues from Huawei. As you are aware, we have a 4G license for shipping into Huawei. We do not have a 5G license, and we are not assuming any material revenue going forward. So hopefully, that covers all the different parts.

    也許我要說的最後一個評論是我們對 9 月和 12 月季度的預測確實假設華為沒有實質性收入。如您所知,我們擁有向華為發貨的 4G 許可證。我們沒有 5G 牌照,並且我們不假設未來會產生任何實質性收入。希望這涵蓋了所有不同的部分。

  • Operator

    Operator

  • The next question is from Samik Chatterjee with JPMorgan.

    下一個問題來自摩根大通的 Samik Chatterjee。

  • Samik Chatterjee - Analyst

    Samik Chatterjee - Analyst

  • I have a couple, but maybe, Akash, if we can start with the calendar fourth quarter comment that you just had. If I look back at some of the seasonality that you typically had in prior years there, we see a wide range, I mean somewhere between sort of 10% plus to somewhat of a higher number as well in the double digits.

    我有一些,但也許,阿卡什,如果我們可以從您剛剛收到的日曆第四季度評論開始。如果我回顧一下前幾年通常存在的一些季節性,我們會看到一個很大的範圍,我的意思是介於 10% 以上到更高的數字以及兩位數之間。

  • Maybe if you can give us a bit more color in terms of -- as you think about, you said in your smartphone outlook as well a recovery in the December quarter in terms of volumes, how are you thinking about it relative to typical seasonality in the prior years?

    也許如果你能給我們更多的信息——正如你在智能手機展望中所說的那樣,以及 12 月季度銷量的複蘇,相對於典型的季節性,你如何看待它前幾年?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes. So Samik, maybe no additional comments to what I just said. I think if you look at our history, with the growth in the smartphone market, we see QTL grow with it. And so we expect a similar gain this year. And then I'd probably say similar to -- on the modem customer side as well, we'd see something similar to what we've seen in the past. So I think using historical trend as a way to model it going forward is a reasonable way of doing it for those 2 factors.

    是的。 Samik,也許對我剛才所說的話沒有其他評論。我認為,如果你回顧一下我們的歷史,隨著智能手機市場的增長,我們會看到 QTL 隨之增長。因此,我們預計今年會有類似的收益。然後我可能會說,在調製解調器客戶端方面,我們也會看到與過去類似的情況。因此,我認為使用歷史趨勢作為未來建模的方法是針對這兩個因素的合理方法。

  • Samik Chatterjee - Analyst

    Samik Chatterjee - Analyst

  • Okay. Okay. And for my follow-up, I mean, obviously, the inventory on the balance sheet did come down a bit, but how are you thinking about the opportunity here to sort of discount to clear some inventory of the balance sheet or even sort of from an investor's perspective, how should we think about the risk about inventory write-down if the recovery is sluggish for a period of time? How should we think about those drivers given that the inventory drawdown has continued for a longer-than-expected duration?

    好的。好的。對於我的後續行動,我的意思是,顯然,資產負債表上的庫存確實有所下降,但是您如何考慮這裡的機會,以某種折扣來清理資產負債表上的某些庫存,甚至從某種意義上說從投資者的角度來看,如果一段時間內復蘇乏力,我們應該如何看待庫存減記的風險?鑑於庫存下降持續時間超過預期,我們應該如何看待這些驅動因素?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes. So Samik, obviously, our analysis is reflected in our results. We think you will understand the drivers that got us to the industry, the inventory balance. It's the overall industry being weaker. And with 6 months lead time, you're planning for a different market. And what we're comfortable with is that we have the inventory on the right parts. There is long lifetime on it, and there's demand for it. So our latest analysis on the topic is reflected in our results.

    是的。所以 Samik,顯然,我們的分析反映在我們的結果中。我們認為您會理解我們進入這個行業的驅動因素,即庫存平衡。是整個行業疲軟。有了 6 個月的準備時間,您就可以規劃一個不同的市場。我們感到滿意的是我們擁有正確零件的庫存。它的使用壽命很長,而且有需求。因此,我們對該主題的最新分析反映在我們的結果中。

  • Operator

    Operator

  • The next question is from Mike Walkley with Canaccord Genuity.

    下一個問題來自 Canaccord Genuity 的 Mike Walkley。

  • Thomas Michael Walkley - MD & Senior Equity Analyst

    Thomas Michael Walkley - MD & Senior Equity Analyst

  • Great. Cristiano, I just want to talk about the Snapdragon 4 Gen 2 that you talked about. How is the initial uptick in terms of Android demand from your customers looking at that? And do you think, given the supply-demand imbalance, that you'll be able to now maybe gain share in 2024 as you move downstream on Android?

    偉大的。 Cristiano,我只想談談你提到的 Snapdragon 4 Gen 2。您的客戶對 Android 需求的最初增長情況如何?您是否認為,考慮到供需失衡,隨著 Android 向下游轉移,您現在是否能夠在 2024 年獲得份額?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Mike, thanks for the question. So let me just start with the Snapdragon 4 Gen 2. What we like about it is it answers, I think, the market needs to drive now the next wave of 4G to 5G migration. Just as an example, Xiaomi just recently launched the Redmi 12 5G smartphone yesterday in India at an ASP at USD 135. So we're very encouraged with now the ability to create this 4G to 5G migration.

    邁克,謝謝你的提問。那麼,讓我從 Snapdragon 4 Gen 2 開始。我認為,我們喜歡它的原因是它回答了市場現在需要推動下一波 4G 到 5G 遷移的浪潮。舉個例子,小米昨天剛剛在印度推出了紅米 12 5G 智能手機,售價為 135 美元。因此,我們對現在能夠實現 4G 到 5G 遷移感到非常鼓舞。

  • I think there are a number of markets now that are deploying 5G in developing economies. And as you pointed out, now we don't have supply constraint anymore at the mass tier. And our new product road map, we're encouraged about the ability to drive that 4G to 5G migration at those price points.

    我認為現在有很多市場正在發展中經濟體部署 5G。正如您所指出的,現在我們在大眾層面不再有供應限制。我們的新產品路線圖讓我們對在這些價位上推動 4G 到 5G 遷移的能力感到鼓舞。

  • Thomas Michael Walkley - MD & Senior Equity Analyst

    Thomas Michael Walkley - MD & Senior Equity Analyst

  • Just a quick follow-up. Just on the IoT business. Can you give us just an update on the 3 segments? Are any of the segments doing better than others in terms of the inventory (inaudible) or the outlook that you provided?

    只是快速跟進。就在物聯網業務上。您能給我們介紹一下這 3 個部分的最新情況嗎?就庫存(聽不清)或您提供的前景而言,是否有任何細分市場表現優於其他細分市場?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Sure, Mike. So this is Akash. I'll start and maybe Cristiano can add on top of it. So in the short term, the IT business is seeing some of the same dynamics as you're seeing come through with our peers from a demand side and what -- the impact it has on the inventory -- channel inventory. When we saw the initial weakness, it started with consumer, but we did see it go across to other parts of IoT as well, especially within China.

    當然,邁克。這就是阿卡什。我會開始,也許克里斯蒂亞諾可以補充。因此,從短期來看,IT 業務正在看到一些與您在需求方面和我們的同行所看到的相同的動態,以及它對庫存的影響 - 渠道庫存。當我們看到最初的弱點時,它始於消費者,但我們確實看到它也蔓延到物聯網的其他部分,特別是在中國。

  • But we're pretty happy with the results we had in the June quarter. We are up approximately 7% on revenue, and it was really growth across industrial and consumer that drove that benefit. Difficult to kind of predict the timing of recovery and the inventory drawdown. We did say that it would be a factor through the end of the calendar year. But that's the framework for the very short term on IoT side.

    但我們對六月季度的結果非常滿意。我們的收入增長了約 7%,而工業和消費者領域的增長確實推動了這一效益。很難預測復甦的時間和庫存減少的時間。我們確實說過,這將是今年年底的一個因素。但這是物聯網方面的短期框架。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Maybe the only thing I was going to add, Mike, as we indicated multiple times, there's a lot of things in our IoT segment. And there are some of those things that they have yet to materialize. I think we talk about our PC space, which we're excited about the new product we have been developing with our custom CPUs.

    也許我唯一要補充的是,邁克,正如我們多次指出的那樣,我們的物聯網領域有很多東西。其中一些事情尚未實現。我想我們談論的是我們的 PC 領域,我們對使用定制 CPU 開發的新產品感到興奮。

  • We're still in the beginning of virtual reality. We're encouraged by now other players entering the market, which will ignite develop our ecosystem. And I think lastly, on networking. We like the Wi-Fi 7 design win pipeline that could materialize in a new cycle into the future. So as we outlined, there's a number of different things within that segment.

    我們仍處於虛擬現實的起步階段。現在其他參與者進入市場讓我們感到鼓舞,這將激發我們生態系統的發展。我最後想到的是網絡。我們喜歡 Wi-Fi 7 設計獲勝管道,它可以在未來的新周期中實現。正如我們所概述的,該細分市場中有許多不同的內容。

  • Operator

    Operator

  • The next question is from the line of Stacy Rasgon with Bernstein Research.

    下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢 (Stacy Rasgon)。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • I wanted to ask about chip gross margins. They seemed reasonably strong in the quarter even with revenues down. They seemed like maybe they were implied up a bit sequentially. The guide seems pretty stable into September.

    我想問一下芯片毛利率。即使收入下降,他們在本季度的表現似乎相當強勁。它們看起來可能是按順序暗示的。到九月,該指南似乎相當穩定。

  • Can you give us any feeling for drivers of the margin pricing mix? You talked about some additional cost dynamics. I don't know if there's anything in there on the cost of goods side. some of the dynamics there? And how should we expect that to evolve? Is it just mix that drives it going forward? Are there other things that we should think about?

    您能給我們介紹一下保證金定價組合的驅動因素嗎?您談到了一些額外的成本動態。不知道裡面有沒有關於商品成本的內容。那裡有一些動態嗎?我們應該期待這種情況如何發展?僅僅是混合動力推動它前進嗎?還有其他我們應該考慮的事情嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Sure, Stacy. It's Akash. Yes, we did come in a little bit better than forecasted for the September quarter, and it was really primarily driven by a mix of products. We're guiding approximately flat margins going into September from June, and that's a reasonable way of forecasting our margins going forward as well. So we expect to be in the range as we go forward.

    當然,史黛西。是阿卡什。是的,我們確實比九月季度的預測要好一些,這實際上主要是由產品組合推動的。我們預計從 6 月份到 9 月份的利潤率大致持平,這也是預測我們未來利潤率的合理方法。因此,隨著我們的前進,我們預計會處於這個範圍內。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • If I could ask one more briefly. Cristiano, you're talking a lot about AI and how that's going to contribute. How does AI actually contribute to the model going forward? Like are you anticipating that venture drives an upgrade cycle? Or is it more content? Or is it ASPs for the chips fall less than they would otherwise? Like how do we think about how that actually drives the model as adoption happens?

    如果我能再簡單地問一個問題的話。 Cristiano,您談論了很多關於人工智能以及人工智能將如何做出貢獻的內容。人工智能實際上如何為未來的模型做出貢獻?您是否預計風險投資會推動升級週期?還是內容更多?或者是芯片的平均售價下降得比其他情況下要少?就像我們如何思考隨著採用的發生,這實際上如何驅動模型?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Very good. Thanks for the question, Stacy. Look, I think I will unpack the answer to the question. First of all, we're very confident of what we see happening at the edge. On device, I think there's a number of reasons. AI is developing on devices a little bit different in the cloud. Everything that is real-time AI, always-on AI, context, latency, reliability, personalization. And I think that can apply to products across all of our end markets.

    非常好。謝謝你的提問,史黛西。聽著,我想我會解開這個問題的答案。首先,我們對邊緣發生的事情非常有信心。在設備上,我認為有很多原因。人工智能在設備上的開發與雲端略有不同。一切都是實時人工智能、永遠在線的人工智能、上下文、延遲、可靠性、個性化。我認為這適用於我們所有終端市場的產品。

  • When it will happen, we are going to announce a new set of products at the Snapdragon Tech Summit that are all going to be gen AI-capable products that run on phones, on computing products, on all of the other segments in auto and IoT. And we think the monetization will happen 2 ways, right?

    當它發生時,我們將在 Snapdragon 技術峰會上宣布一系列新產品,這些產品都將是具有人工智能功能的產品,可在手機、計算產品以及汽車和物聯網的所有其他領域運行。我們認為貨幣化將通過兩種方式實現,對吧?

  • The easiest way to think about it is if our customers and our partners that are working with us, we mentioned a few in the prepared remarks, come up with the new use cases, and you have now a gen AI-capable smartphone, that changes the size of the phone market. It could create an upgrade cycle in between 5G and 6G, and changes the size of the market, also improve the mix towards our product lines and ASP increases.

    最簡單的思考方式是,如果我們的客戶和與我們合作的合作夥伴(我們在準備好的評論中提到了一些)提出了新的用例,並且您現在擁有了一款支持人工智能的智能手機,那麼情況就會發生變化手機市場的規模。它可以在5G和6G之間創建一個升級週期,並改變市場規模,也可以改善我們的產品線組合和ASP增加。

  • For you to do device -- gen AI on device, you need a different computing platform. And that's what we have been doing with our NPU. I think it's probably unmatched by any of our peers in ability to do high-performance AI pervasively and continuously at low power. And we -- look, those things could create an inflection point. It's hard to predict the timing, but we can see how it changes the mix and improve the ASP in our products.

    為了讓你在設備上實現人工智能,你需要一個不同的計算平台。這就是我們一直在用 NPU 做的事情。我認為,在低功耗下普遍且持續地實現高性能人工智能的能力方面,我們的任何同行都無法比擬。我們——看,這些事情可能會創造一個拐點。很難預測具體時間,但我們可以看到它如何改變產品組合併提高我們產品的平均售價。

  • Operator

    Operator

  • Our next question comes from Ross Seymore with Deutsche Bank.

    我們的下一個問題來自德意志銀行的羅斯·西莫爾。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • I just have one question, one follow-up. On the December quarter soft guide that you gave, Akash, you talked about your modem-only customer having its typical seasonality in the fourth quarter, calendar fourth quarter. What is typical seasonality and/or your expectations for the Android side of things in that quarter?

    我只有一個問題,一個後續問題。在您提供的 12 月季度軟指南中,Akash,您談到您的僅使用調製解調器的客戶在第四季度(日曆第四季度)有其典型的季節性。該季度 Android 方面的典型季節性和/或您的預期是什麼?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes. So from an Android perspective, we expect the quarterly trend to be consistent with history. If you look at what typically happens for us in Android as we launch our new chips in the March quarter, and that's when the new premium tier chip comes out and that's typically the stronger quarter for us.

    是的。因此,從 Android 的角度來看,我們預計季度趨勢將與歷史保持一致。如果你看看我們在三月份季度推出新芯片時 Android 領域通常會發生什麼,那就是新的高端芯片問世的時候,這通常是我們表現強勁的季度。

  • So it's really driven by timing of product launches. But fundamentally, when you look at our position within Android, even within '23, we've actually grown share of sell-through from '22 to '23. So we continue to be in a very strong position, and it's just the market dynamics that's kind of driving the cyclicality in the business.

    所以它實際上是由產品發佈時間驅動的。但從根本上說,當你看看我們在 Android 中的地位時,即使是在 23 年,我們的銷售份額實際上從 22 年到 23 年有所增長。因此,我們繼續處於非常有利的地位,而市場動態在某種程度上推動了業務的周期性。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • And I guess as my follow-up, sticking with you, Akash. On the OpEx side of things, you talked about macro still being uncertain, and so you were going to take actions in the first half of year fiscal '24 on the cost side of the equation.

    我想作為我的後續行動,我會繼續支持你,阿卡什。在運營支出方面,您談到宏觀經濟仍然不確定,因此您將在 24 財年上半年就成本方面採取行動。

  • Could you give us any more color on that? I assume it's largely on the OpEx side. You guys have been successful in hitting your 5% reduction, if not beating it, exiting this year versus last. Any sort of quantification you can provide on what your expectations are for OpEx in that new cost-cutting plan?

    您能給我們更多的信息嗎?我認為這主要是在運營支出方面。與去年相比,你們今年已經成功實現了 5% 的削減(如果沒有超越的話)。對於新的成本削減計劃中您對運營支出的期望,您能提供任何形式的量化嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Sure. So let me give you the framework of how we're thinking about it, and I don't have quantification at this point. But we've -- in '23, we exceeded the target we set. And as we've said before, we'll continue to look at additional reductions as the environment evolves. So given that, what we're planning to do is proactively implement additional actions in first half of '24.

    當然。因此,讓我向您提供我們如何思考這個問題的框架,但目前我還沒有量化的方法。但我們在 23 年超出了設定的目標。正如我們之前所說,隨著環境的發展,我們將繼續考慮進一步削減。因此,我們計劃在 2024 年上半年積極實施更多行動。

  • And the framework for it is we're going to preserve our strategic priorities. We're going to reduce in certain areas, but then also have the capability to invest in new technology, especially AI, and continue to invest in our diversification plan. So it's really an effort to get our investment portfolio right as consistent with the priorities going forward for the company.

    其框架是我們將保留我們的戰略優先事項。我們將減少某些領域的投資,但也有能力投資新技術,特別是人工智能,並繼續投資我們的多元化計劃。因此,這確實是一項努力,使我們的投資組合與公司未來的優先事項保持一致。

  • Operator

    Operator

  • Our next question is from the line of Chris Caso with Wolfe Research.

    我們的下一個問題來自 Wolfe Research 的 Chris Caso。

  • Christopher Caso - MD

    Christopher Caso - MD

  • Yes. As a first question, if perhaps you could talk a bit about mix. Where is your mix sitting as compared to where it was last year? And obviously, the mix had skewed higher during times of supply constraints, and now there's greater availability. So how is that affecting margins and revenue? And as things go forward, how do you expect that to change as well? I guess there's some concern that mix shifts down to perhaps some lower end of the portfolio as the 5G cycle matures and emerging markets tend to become a bigger part of the 5G mix.

    是的。作為第一個問題,您是否可以談談混合。與去年相比,您的組合處於什麼位置?顯然,在供應緊張時期,這種組合的傾斜程度更高,而現在的可用性更大。那麼這對利潤和收入有何影響?隨著事情的發展,您預計這種情況會如何改變?我猜想,隨著 5G 週期的成熟,以及新興市場往往會成為 5G 組合的更大組成部分,人們擔心這種組合可能會下降到投資組合的某個低端。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes, Chris. It's Akash. If you look at the mix change, it's really happened through the year where we expanded our position in the lower tiers a bit, and it's already reflected in the comments I made earlier to Stacy's question on gross margin. So really no incremental comments to what I said earlier.

    是的,克里斯。是阿卡什。如果你看一下組合變化,這一年確實發生了,我們在較低層的地位有所擴大,這已經反映在我之前對史黛西關於毛利率的問題所做的評論中。因此,對於我之前所說的內容,確實沒有任何增量評論。

  • As we look forward, one of the key opportunities for us is really how do we expand the ASP as just we're continuing to see incremental demand across all tiers for more capability in the chipset. And to Cristiano's earlier point, with generative AI becoming so critical in edge devices going forward. it's going to drive an inflection point in terms of our presence there and our ability to expand content.

    展望未來,我們的關鍵機遇之一實際上是如何擴展 ASP,因為我們不斷看到各個層級對芯片組更多功能的需求不斷增加。正如克里斯蒂亞諾之前的觀點,生成式人工智能在未來的邊緣設備中變得如此重要。就我們在​​那裡的存在和擴展內容的能力而言,這將推動一個拐點。

  • Christopher Caso - MD

    Christopher Caso - MD

  • That's helpful. Just a follow-up question about geographic revenue in particular to the handset business. And we've been hearing about perhaps greater macro concerns in China as compared to elsewhere. In terms of normalizing the business and getting the global handset market back to where it once was, is this mainly a situation where we need to see China come back and normalize, or is more of a global trend? What needs to improve, in other words, to get back to what used to be normal?

    這很有幫助。這是關於地理收入,特別是手機業務的後續問題。我們聽說,與其他地方相比,中國可能對宏觀經濟更加擔憂。就業務正常化和全球手機市場恢復到原來水平而言,這主要是我們需要看到中國恢復正常化的情況,還是更多是全球趨勢?換句話說,需要改進哪些方面才能恢復到以前的正常狀態?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes, I'd say a couple of parts. So we've seen weakness across China and other emerging markets. Those are definitely the 2 areas. In developed markets, it has largely held. There is some smaller impact, but not as much. I think the opportunity is really across the board.

    是的,我想說幾個部分。因此,我們看到中國和其他新興市場的疲軟。這些絕對是兩個領域。在發達市場,這一趨勢基本保持不變。有一些較小的影響,但沒有那麼大。我認為這個機會確實是全面的。

  • I think one is just from an overall replacement rate perspective, you could see that increase going forward, driven by new technology cycles. But also within the emerging markets in China, you could see some normalization of return in demand as things stabilize. So those would be the opportunities. Just to be clear, in the guidance that we're giving at this point, we are not including those, and that would be upside to our plan.

    我認為僅從整體替代率的角度來看,您可以看到在新技術週期的推動下,未來的增長。但在中國的新興市場中,隨著情況穩定,您可能會看到需求回報出現一定程度的正常化。所以這些就是機會。需要明確的是,在我們目前給出的指導中,我們不包括這些內容,這對我們的計劃來說是有利的。

  • Operator

    Operator

  • Our next question is from the line of Brett Simpson with Arete Research.

    我們的下一個問題來自 Arete Research 的 Brett Simpson。

  • Brett William Simpson - Senior Analyst

    Brett William Simpson - Senior Analyst

  • Akash, I had a near-term question on smartphones. I mean some of your smartphone peers are reporting better fundamentals near term. I think MediaTek's -- in the June quarter, they were up 6% in smartphones, and they're talking about mid-teens growth sequentially in September quarter. And I think Qorvo has also talked about quite a significant uplift in September.

    阿卡什,我最近有一個關於智能手機的問題。我的意思是,一些智能手機同行報告稱近期基本面有所改善。我認為聯發科在 6 月季度的智能手機業務增長了 6%,並且他們正在談論 9 月季度的連續增長。我認為 Qorvo 也談到了 9 月份的顯著提升。

  • And I know you said there's weakness elsewhere in QCT, but can you just maybe home in on the smartphone business? And can you reconcile with some of the peers and what they're guiding and what you're guiding? Is it just really Apple and Huawei is going through a volatile patch for orders? Or is there something more structural you think it [were]?

    我知道您說過 QCT 其他方面也存在弱點,但您能否專注於智能手機業務?您能否與一些同行以及他們的指導和您的指導達成一致?難道真的只是蘋果和華為正在經歷訂單不穩定的時期嗎?或者你認為有什麼更具結構性的東西嗎?

  • And maybe a second question for Cristiano. You talked earlier this year, I think at Mobile World Congress, actually, that you were assuming no Apple business in 2024 because you didn't have orders, any new orders, there. Has anything changed with regards to Apple? And how should we think about this relationship beyond calendar '23?

    也許還有克里斯蒂亞諾的第二個問題。實際上,我想在今年早些時候,您在世界移動大會上談到,您假設 2024 年不會有蘋果業務,因為那裡沒有訂單,沒有任何新訂單。蘋果有什麼變化嗎?我們應該如何思考 23 年後的這種關係?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes, Brett. So I'll start with your first question. If you let me break it down into Android and Apple in 2 parts, within Android, 2 comments to keep in mind. First is we don't think there's been any significant shift in share between the players over the last few months. However, what has happened is when you look at our total share of sell-through for '23 relative to '22, as I mentioned earlier, we've actually gained share within Android.

    是的,布雷特。我將從你的第一個問題開始。如果你讓我把它分成 Android 和 Apple 兩部分,在 Android 中,請記住 2 條評論。首先,我們認為過去幾個月參與者之間的份額沒有任何重大變化。然而,正如我之前提到的,當你看看我們 23 年相對於 22 年的總銷售份額時,就會發現,我們實際上在 Android 領域獲得了份額。

  • So we continue to have a very strong position, and the seasonality across the quarters for Android is really a reflection of when devices are launched and which tiers we play in, which is the premium and high tier, which they center around the holiday season versus midway through the year. So that's how I would think about the Android market.

    因此,我們仍然擁有非常強大的地位,Android 各季度的季節性實際上反映了設備的推出時間以及我們所處的級別,即高端和高端,它們以假日季節為中心,而年中。這就是我對 Android 市場的看法。

  • On Apple, as I've said before, we expected muted seasonality in the fourth quarter due to the timing of chipset purchases. We did see them buy additional chipsets earlier in the year. And so what we are forecasting now is expected demand, expected shipments into the next quarter. So it's -- that really just speaks to timing again rather than some fundamental trend. As you know, we expect to be a majority of the share in the new upcoming launch, and so it's not really a share question.

    至於蘋果,正如我之前所說,由於芯片組採購的時機,我們預計第四季度的季節性因素會減弱。我們確實看到他們在今年早些時候購買了額外的芯片組。因此,我們現在預測的是下一季度的預期需求和預期出貨量。所以這實際上只是再次說明了時機,而不是一些基本趨勢。如您所知,我們預計將在即將推出的新產品中佔據大部分份額,因此這實際上並不是一個份額問題。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Brett, to your second question, for the iPhone that is launching this year, we are going to support the modem. We're not making any updates to our prior plans for 2024.

    Brett,關於你的第二個問題,對於今年推出的 iPhone,我們將支持調製解調器。我們不會對之前的 2024 年計劃進行任何更新。

  • Operator

    Operator

  • Our next question is from the line of Tal Liani, Bank of America.

    我們的下一個問題來自美國銀行塔爾·利亞尼 (Tal Liani)。

  • Tal Liani - MD, Head of Technology Supersector & Senior Analyst

    Tal Liani - MD, Head of Technology Supersector & Senior Analyst

  • Yes. Auto market -- we spoke a lot about the handsets. I have two questions related. Auto market was also weak. Can you give an update on why it grew 13% versus 16% Street expectations? But this 13% is also lower than what we have seen before. So can you talk about the trends there?

    是的。汽車市場——我們談論了很多關於手機的話題。我有兩個相關問題。汽車市場也疲軟。您能否提供最新情況,說明為何該股增長 13%,而華爾街預期為 16%?但這13%也比我們之前看到的要低。那麼您能談談那裡的趨勢嗎?

  • IoT was in line with expectations, but it's still declining 24% a year. So what is the trend over there? And on the handset side, I'm just wondering if there was deterioration throughout the quarter or it was improvement throughout the quarter? Kind of what was the intra-quarter trend? Everything is QCP.

    物聯網符合預期,但仍以每年 24%​​ 的速度下降。那麼那邊的趨勢是什麼呢?在手機方面,我只是想知道整個季度是惡化還是有所改善?季度內趨勢是什麼樣的?一切都是QCP。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • I understand. I understand. On the handset side, really largely in line with what we'd expected. So no trend one way or the other. Auto, in our actuals, came in slightly below our expectations. However, if you see what we guided for the upcoming quarter, quarter-over-quarter growth, we're guiding low double-digit growth. So it's just timing between the quarters that's impacting it.

    我明白。我明白。在手機方面,確實很大程度上符合我們的預期。所以無論哪種方式都沒有趨勢。根據我們的實際情況,汽車的表現略低於我們的預期。然而,如果您看到我們對下一季度環比增長的指導,就會發現我們正在指導低兩位數的增長。因此,影響它的只是季度之間的時間安排。

  • Within IoT, I'd say very consistent with comments earlier in the call. It's really the overall environment and how it impacts demand, and impact on inventory is what's reflected in our numbers. Very consistent with what some of our peers have seen as well.

    在物聯網領域,我想說與之前電話會議中的評論非常一致。這實際上是整體環境及其對需求的影響,而對庫存的影響反映在我們的數據中。與我們一些同行所看到的非常一致。

  • Tal Liani - MD, Head of Technology Supersector & Senior Analyst

    Tal Liani - MD, Head of Technology Supersector & Senior Analyst

  • And Akash, just a clarification on something you said. You said that December should be in line with normal seasonality. I tried to look back at seasonality, and it's inconsistent. It's very hard to speak about normal. What -- how do you define normal seasonality for the sector?

    阿卡什,只是對你所說的內容進行澄清。你說12月應該符合正常的季節性。我試圖回顧一下季節性,發現它並不一致。很難說正常。什麼——您如何定義該行業的正常季節性?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • If you break it down into parts. I think you look at QTL growth. We've consistently seen QTL grow as a result of mix of devices and total market size. So that would be part one. The second is we've seen the handset market grow primarily due to the launch of a flagship device by a modem-only customer. And so we would see that as well. So those are the 2 factors that would drive majority of our growth into the December quarter.

    如果你把它分解成幾個部分。我認為你會關注 QTL 的增長。我們一直看到 QTL 由於設備組合和市場總規模而增長。這就是第一部分。第二個是我們看到手機市場的增長主要是由於僅使用調製解調器的客戶推出了旗艦設備。所以我們也會看到這一點。因此,這兩個因素將推動我們進入 12 月份季度的大部分增長。

  • Operator

    Operator

  • Our last question is from the line of Timothy Arcuri with UBS.

    我們的最後一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • I had 2. So Akash, I'm wondering if you can provide more color just on these channel headwinds. You gave a $2 billion number, I think, for December, and then that came down to $1 billion or it was supposed to come down to $1 billion in March. And it was supposed have been gone by June.

    我有 2 個。所以阿卡什,我想知道您是否可以針對這些渠道逆風提供更多顏色。我想,你給了 12 月份 20 億美元的數字,然後這個數字下降到 10 億美元,或者應該在 3 月份下降到 10 億美元。本來應該到六月就消失了。

  • Obviously, it's not gone. Can you kind of quantify what the headwind is? And maybe also talk, is that component inventory at your customer is still coming down? Or is that handset sell-in still being above handset sell-through? And then I had a second question as well.

    顯然,它並沒有消失。您能量化一下逆風是什麼嗎?也許還可以談談,您客戶的零部件庫存是否仍在下降?或者手機銷量是否仍然高於手機銷量?然後我還有第二個問題。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes. So when we talk about channel inventory, we talk about total inventory across -- beyond us. So it's customers and channel both combined. I mean, clearly, as we've gone through the year, the headwinds have been meaningfully higher than we'd expected going into the fiscal year. So that is reflected in the updates that we're giving.

    是的。因此,當我們談論渠道庫存時,我們談論的是我們之外的總庫存。所以這是客戶和渠道的結合。我的意思是,顯然,隨著我們度過這一年,不利因素明顯高於我們對進入本財年的預期。這反映在我們提供的更新中。

  • No fundamental change to our view of our share position and overall market we've talked about as well. So it's just those factors running through our numbers. We don't have an updated estimate of how much the total impact would be, but it's the same factors that we've been talking about through the year. We've not changed the total market size since the last call.

    我們對我們所討論的股票地位和整體市場的看法也沒有根本性的改變。所以這就是我們的數據中貫穿的這些因素。我們沒有對總影響有多大的最新估計,但這與我們今年一直在談論的因素相同。自上次通話以來,我們沒有改變市場總規模。

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • Got it. And then just last thing. So do you have any data on the refurbished market? It seems that it has gotten pretty large, and maybe it's affecting the new Android market. Sort of what portion of the handset TAM this year do you think is used or refurb? Could it be -- I mean, we've seen numbers in the 350 million unit range, something like that. So the market is flat to down, but the market for new phones is really actually down quite a bit. Can you actually talk to that?

    知道了。最後一件事。那麼您有翻新市場的數據嗎?看起來它已經變得相當大了,也許它正在影響新的 Android 市場。您認為今年手機 TAM 的哪些部分是二手的還是翻新的?難道是——我的意思是,我們已經看到了 3.5 億單位範圍內的數字,類似的東西。因此,市場持平甚至下降,但新手機的市場實際上下降了很多。你真的能談談嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • Yes. So we have the same data as you do on the refurbished phones. It has grown over the last couple of years. When we give the market the global handset unit information, we're not talking about the refurbished phones. We are talking about new phones. And so it's already factored into the guidance we gave.

    是的。因此,我們擁有與翻新手機相同的數據。它在過去幾年中有所增長。當我們向市場提供全球手機銷量信息時,我們並不是在談論翻新手機。我們正在談論新手機。因此,它已經納入我們提供的指導中。

  • Operator

    Operator

  • This concludes today's question-and-answer session. Mr. Amon, do you have anything further to add before adjourning the call?

    今天的問答環節到此結束。阿蒙先生,在休會之前您還有什麼要補充的嗎?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • Thank you. We'd just like to thank all of our employees, our customers, our suppliers and partners. I think the key messages were we like our strategy, continue to execute on our strategy. We're executing to plan. I think we have one of the best product road maps in our history. We like the design traction. And In the current uncertain environment, we're just focused on taking action on things we can control and make sure we're prepared when the market rebounds.

    謝謝。我們要感謝所有員工、客戶、供應商和合作夥伴。我認為關鍵信息是我們喜歡我們的戰略,並繼續執行我們的戰略。我們正在按計劃執行。我認為我們擁有歷史上最好的產品路線圖之一。我們喜歡設計的吸引力。在當前不確定的環境中,我們只專注於對我們可以控制的事情採取行動,並確保我們在市場反彈時做好準備。

  • Last comment is we see a new inflection point, as I mentioned before, on the edge, for Gen AI. And what we like about it, for that to happen on device, fundamentally, you need a new computing engine. We have CPU, GPU, but you need something different, which is the NPU. I think we have been investing this for over a decade. We're very happy how it performs, and I would like everybody to follow what we're going to show and announce at the upcoming Tech Summit in October. Thank you very much.

    最後一點是,正如我之前提到的,我們看到了一個新的拐點,即 Gen AI 的邊緣。我們喜歡它的一點是,要在設備上實現這一點,從根本上講,您需要一個新的計算引擎。我們有CPU、GPU,但你需要不同的東西,那就是NPU。我認為我們已經對此進行了十多年的投資。我們對它的表現非常滿意,我希望每個人都能關注我們將在 10 月份即將舉行的技術峰會上展示和宣布的內容。非常感謝。

  • Operator

    Operator

  • Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

    女士們、先生們,今天的電話會議到此結束。您現在可以斷開連接。