Tom O’Malley: Thank you.
Operator: Our final question is from the line of Tal Liani with Bank of America. Please proceed with your question.
Tal Liani: Thanks. I have two follow-ups on answers or questions you had before. The first one is Samsung. On one hand, there is a new contract. On the other hand, Samsung is going to use their own more in ’24 versus ’23. So net-net, are you expecting revenues of Samsung to go up or down in ’24 versus ’23? What are your expectations of share losses within — can you frame it for us? And the second question is on the auto business. You had a phenomenal quarter. It’s very different from the other auto companies, most of the other (ph) companies had weakness. What is the strength related to meaning is it share gain with certain customers? Is it new product or can you just put some color on the strength, the relative strength versus the others? Thanks.
Akash Palkhiwala: Yeah, Tal. Ut’s Akash. So on this — on Samsung and this is a conversation about the premium tier, I assume. In GS23, we did have global share. In the GS24 that just launched and consistent with what we said on the last quarter, we expect to have a majority share based on the model split between us and [indiscernible]. As Cristiano indicated in his prepared remarks, one of the benefits of the agreement that we did with them is it gives us predictability on our position within the premium tier going forward. And then from a content perspective, there’s clearly content expansion happening. And this is really when you look at our premium tier road map, not just with gen AI coming in our custom CPU course coming in as well, but then also across other technologies.
As consumers demand more capability, we see our content and our ASP both continue to grow. Switching over to your second question on automotive. You should really think — the way to think about our automotive business is we’re tied to the launch of new cars. Clearly, the industry is going through a transformation, digitization of cars, and we are right at the intersection of that transformation. We are we’re benefiting our cars put in more infotainment content for experience within the car. More ADAS content comes into the car as well. And really, we get to benefit from all those intersection points in the car, and we’re increasing the content as new cars launch. So that’s the maybe a disconnect between some of our peers what they’re seeing and what we’re seeing.
Stepping back, I mean, clearly, this is an industry that’s going through some shorter-term dynamics, so we’ll be closely monitoring it. But when you step back, our technology, our position, our products look really good, and we’re excited about where we’re going.
Operator: Thank you. That concludes today’s question-and-answer session. Mr. Amon, do you have anything further to add before adjourning the call?
Cristiano Amon: Yes. Just in closing, I’d just like to remind everyone, look, we’re as I said, we’re happy with the quarter. We see the android market stabilizing after we’ve been to ’23. That was a year of correction. We like the transition of user experience with gen AI that could create an opportunity in mobile. This is one of those times for Qualcomm. They are both our Apple and Samsung revenue on the chip side or under contract. We’re very happy about that. We continue to move towards stability of the QTL revenue stream with those new agreements. As you look at the growth opportunity, I think the auto results speak for itself. We’re now in the IoT segment, really focus on the launch of X Elite. In the PC, we announced a new product for XR.
And if you believe that, that market is finally going to get very large scale, we’re well positioned with our partnership with Meta as well as Samsung and Google. And as IoT, especially industrial goes to the correction, we expect that to resume growth. So we’re focused on what we can control, busy work with the growth and diversification of the company. And I want to say a big thank you for all of our partners and employees they help us get to this quarter. Thank you very much, and I talk to you all next quarter.
Operator: Ladies and gentlemen, this concludes today’s conference call. You may now disconnect.
