Akash Palkhiwala: Yeah, Chris, it’s Akash. So, the way we think about the handset market is we’ve seen a stabilization in the market and we’re projecting forward, especially into the December quarter and QTL’s guide as something that stable market represents. And so we’re guiding a midpoint of $1.4 billion, sequential growth of 11%. In terms of breaking down the revenue growth in QCT, between inventory and market, obviously, it’s kind of difficult to do over a quarter. But we do think that inventory is a big part of it. And it’s really the market is stabilizing where it’s at with inventory really driving a majority of the improvement in addition to our market share position and revenue growth that comes with, content increase as new chips get launched.
Chris Caso: Got it. And with regard to QTLN, I guess I’d assume to see the QTL numbers to come back closer to where we’ve seen them in the past. That’s going to require some more, improvement in end market demand, is that accurate?
Akash Palkhiwala: I mean, QTL revenue forecast is really a function of the scale of the overall handset market and so as the scale changes, it would improve QTL revenues as well.
Operator: Our next question is from the line of Brett Simpson with Arete Research. Please proceed with your questions.
Brett Simpson : Yeah. Thanks very much. My question was really on fiscal 2024 android, smartphone outlook. And I guess there’s a lot of moving parts here with Huawei building up their own chipsets. And we’ve all seen the volumes they’re talking about for next year. And you’ve also got a fairly high share in flagship segments with Samsung. So just looking at fiscal 2024, can you perhaps just provide us a framework for whether or not Qualcomm can grow Android’s handset sales in fiscal 2024? Thank you.
Akash Palkhiwala: Brett, we’re not, we’re not guiding the full year at this point. We gave you the guidance for first quarter and I gave you an outline as well of how we expect the shape of the year to play out for the overall company. And I think those pointers should give you a sense of our view into the year.
Brett Simpson : Okay. May maybe just to follow-up, Akash, in terms of your OpEx plan for fiscal 2024, I mean, we’ve seen your sales in fiscal 2023 decline, an operating profit down pretty significantly in fiscal 2023. How are you thinking about the OpEx for fiscal 2024? And I guess, and specifically, when I look at Qualcomm’s headcount, over 50,000 people in the business and a lot of your large fabless peers have about half that headcount. How do we think about the sort of spending plan for next year just given the puts and takes here. Thank you.
Akash Palkhiwala: Yeah. So, Brett, as you’re aware, through calendar, through fiscal 2023 we took, action on cost reductions a couple times. And as I also mentioned, this quarter we’ve taken additional action. So the idea is how do we maintain operating discipline while continuing to invest in the diversification initiatives that are so important for the company going forward. And what you’re seeing in our forecast is a representation of those factors.
Operator: Thank you. Our final question is from the line of Tal Liani with Bank of America. Please proceed with your questions.
Tal Liani: I want to ask about market share. Next year, MediaTek is saying that they’re doing great and they’re gaining share, Huawei published now their target for 100 million units versus 60 million that they had before. And the question is, how do you feel about your market share for handset sourced within China? What are the areas maybe that you are strong at? What are the areas that you think you’ll see more competition? Thanks.
Alex Rogers: Akash, I will start and maybe you had some quantitative comments. Tal, I think I will say if you just recap, in fiscal 2023 that just ended, we had a share increase, both globally and in China, of sell through. And we’d like, I think the direction that we have been going as we said, we will continue to retain, majority share at Samsung. We feel good about that relationship going forward. And we have, seen traction from premium and high tier before Chinese OEMs in spite of the launch of in the successful I think, initial sales of a newcomer, and that’s kind of also reflected in the sequential, 35% growth. Akash, I don’t know if there anything you’d like to add.
Akash Palkhiwala: No, I’ll just say, this competitive environment is no different than what we’ve had in the past. And really, if you look at our current products and going forward, we think our competitive differentiation is actually accelerating both with our custom CPUs coming into our handset product line. And with GenAI in addition to kind of other factors that differentiate us. So, we’re pretty confident as we go forward, we’re in a good place from a competitive positioning perspective and content increase.
Tal Liani: Thank you.
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: No, Thank you all for listening to and participating in the call. I just want to say thank you to our employees. Our suppliers, our partner, and I think we’re being focused on the things we can control and really focus on building incredible, I think, products as we continue to change Qualcomm from a communications company to a connected computer company and go into new markets. Thank you again and looking forward to talk to you all next quarter.
Operator: Ladies and gentlemen, this concludes today’s conference call. You may now disconnect.
