How did Qualcomm's other items affect its Q3 2024 results?

Qualcomm's Q3 2024 results were positively influenced by several key factors:

1. **Smartphone Market Recovery**: The recovery in the global smartphone market, with a 6% year-on-year growth in shipments during Q2 2024, significantly benefited Qualcomm's CDMA Technologies segment. This segment sells application processors, modems, and software for mobile devices, networking equipment, and consumer electronics. The company's sales to Chinese OEMs, which increased by over 40% compared to the previous year, also contributed to this growth.
2. **Automotive Segment Performance**: Qualcomm's automotive segment experienced remarkable growth, with a 87% year-over-year increase in revenues, reaching $811 million. This was due to the strong performance of the Snapdragon Digital Chassis platform and several new design wins in automotive. The company reported more than 10 new automotive design wins in Q3, indicating expanding market acceptance and future revenue potential.
3. **Revenue Diversification**: Qualcomm's focus on revenue diversification has positively impacted its results. While the Industrial IoT sector showed soft demand patterns, the company's licensing program for mobile and investments in 5G technology have bolstered its revenue stream. The QTL segment reported a 3% increase in revenues, reaching $1.3 billion. The QCT segment, which includes the automotive business, reported a 12% increase in revenues, amounting to $8.07 billion.
4. **Strategic Initiatives**: Qualcomm's strategic initiatives, such as the launch of the Snapdragon X Series solutions for PCs, reflect its transformation from a wireless communications company to a connected processor company. These initiatives are expected to further strengthen the company's position in the intelligent computing market.

In summary, Qualcomm's Q3 2024 results were significantly bolstered by the recovery in the smartphone market, particularly in Android devices, the robust performance of its automotive segment, effective revenue diversification, and strategic initiatives that underscore its growth and diversification strategy.