"Qualcomm's AI Advantages Drive Earnings Beat and Recovery in Q1 2024"

Qualcomm Inc. anticipates a modest recovery for the smartphone industry in 2024, with phone shipments expected to strengthen while the market for internet-connected appliances remains sluggish. Despite a decline in phone shipments in 2023, Qualcomm foresees a flat to slightly upward trend in 2024. The company's shares fell following the announcement, but CEO Cristiano Amon reassured that concerns about inventory were exaggerated. Qualcomm's earnings are still heavily influenced by demand for handsets, particularly in China, and the company is seeking to diversify into automotive and personal computer chips. Additionally, Apple extended its patent licensing agreement with Qualcomm by two years, and the chipmaker signed a new agreement with Samsung Electronics Co.