While the smartphone market saw a lull in 2023, as the Covid-19 pandemic eased and economic uncertainty weighed on consumer spending, things have been looking up of late. Worldwide smartphone shipments are projected to grow almost 6% in 2024 to 1.23 billion units, per research firm International Data Corporation. This should benefit Qualcomm's CDMA Technologies segment, which sells application processors, modems, and software for mobile devices, networking equipment, and consumer electronics products. Over the Q3 FY'24, QCT revenue stood at $8.1 billion, up 12% year-over-year and the company is guiding revenue of between $8.1 billion to $8.7 billion for Q4. Qualcomm has also been witnessing higher demand from China, as demand for premium Android devices grows at the expense of Apple's iPhone. Over the last quarter, sales to China rose by 50% year-over-year. Qualcomm recently signed a long-term licensing agreement with Honor and this could also drive sales going forward.