Thank you, Mauricio. And good afternoon everyone. Thanks for joining us today.
In fiscal Q2, we delivered non-GAAP revenues of $10.8 billion and non-GAAP earnings per share of $2.85. Revenues of $9.5 billion from our chipset business were driven by strength across Handsets, Automotive and IoT, all exceeding revenue expectations. Automotive and IoT revenues increased 59% and 27% year-over-year respectively. Licensing business revenues were $1.3 billion. Demand for our industry leading platforms continues to expand as high performance, connectivity and processing at the edge are increasingly important and AI becomes more pervasive across industries. We have the industry's broadest product and IP portfolio, a strong track record of establishing a technology leadership position in every industry we enter, and a clear vision for the future. As we navigate the current macroeconomic and trade environment we remain focused on driving the next wave of AI smartphones and growing our non-handset revenues to $22 billion by fiscal 29th. We are excited by the ongoing developments in generative AI, including the proliferation of smaller models. In just six months, the AI landscape has been redrawn with a wide array of new consumer and enterprise applications. New players have emerged and AI video models are becoming more dependable, marking a significant expansion in capabilities. Additionally, smaller GenAI models that can run directly on device are also advancing rapidly. It now takes only a few months to match the performance of their larger cloud based counterparts compared to 12 months just a year ago. Several new state of the art small language and multimodal models were recently released including Microsoft Fi, Google Nano, Metalama, Mistral, Ministral, OpenAI Whisper and Alibaba Quen. Some of these models are already running on Snapdragon platforms. As these trends continue, the opportunity for Qualcomm is significant. I will now provide some key highlights from across the business starting with mobile.
At Mobile World Congress, we announced our X85 5G platform, the world's most advanced AI powered modem 2 antenna system delivering substantial show improvements in speed, efficiency, coverage and power consumption. The X85 sets new benchmarks and brings connectivity leadership to the Android ecosystem. It also supports 5G advanced capabilities with ultrafast peak download speeds of up to 12.5 gigabits per second and delivers the connectivity required for hybrid and agentic AI experiences. High performance low latent 5G is essential for AI applications, ensuring seamless and timely data transmission and information retrieval for real time processing and decision making. According to Google, the X85 is "designed for mobile AI and is the perfect match for Android and the agentic experiences of the Gemini era. This modem delivers breakthrough 5G speeds, network reliability and intelligent connectivity to Android phones, cementing Android and Qualcomm Technologies leadership in the mobile AI world". The X85 was also positively received by many of the largest operators in the us, China and Japan who are excited about the superior connectivity X85 brings to 5G smartphones, the improved network performance and reliability, and potential for new AI powered services. The X85 will be shipping in handsets, automotive and IoT products starting in the second half of the year. Within smartphones, we expect this platform to be available exclusively on Android devices.
In handsets, we continue to gain design traction with our Snapdragon 8 Elite, the industry's most powerful smartphone platform. To date, we have 90 flagship designs shipped or announced globally across major Android OEMs. During the quarter, subsidies in China had a positive impact on growing the premium tier, which has continued to expand over the last several years. Additionally, we're incredibly excited to see our customers launching innovative new Flip style devices featuring Snapdragon 8 Elite. This is now a flagship smartphone category. As an example, the recently announced Flip style Motorola Razr Ultra 2025 comes with Moto AI, a suite of AI powered features such as Catch Me up, which summarizes notifications and prioritizes urgent messages Remember this, which saves screenshots, photos and notes to recall later, and Magic Canvas, which lets users create AI generated images as wallpapers. It also integrates Perplexity AI, Google Gemini, Microsoft Copilot and Metalama.
We remain excited about the PC opportunity for Snapdragon and we're making progress toward achieving $4 billion in revenues by fiscal 2029. We're extremely focused on driving new OEM designs, expanding markets and channels, growing into the enterprise, and increasing the ecosystem of native applications. Since the launch of the first Snapdragon X power devices in mid 2024, we have more than 85 designs in production or development and we're targeting more than 100 designs to be commercialized to 2026. In the first calendar quarter of 2025, according to third party sources, Snapdragon based PCs made up approximately 9% of Windows laptops above the $600 price tier in retail, U.S. and the top five European countries. We now have more than 750 native applications running on Snapdragon X, including over 100 for the enterprise. Additionally, there are over 1400 games running on the platform.
Microsoft has continued to add new Copilot plus AI capabilities. This includes the rollout in March and April of Expand Live Captions, which offers real time audio and video translations in English during virtual meetings, podcast or video playback, and new voice access functions that enable users to interact with the AI assistant using natural language voice commands. Consumers can also experience recall, improved Windows search and click to do, making it easier to pick up where you left off, find what you're looking for and do more with less time. We also continue to partner with Microsoft on their signature Surface PCs. In XR, favorable consumer reception for smart glasses continues, particularly as AI enables more compelling use cases. Meta continues to add more capabilities to their Ray Ban smart glasses powered by Snapdragon. These include enhanced AI assistant interactions, video AI support, location recall, live speech translation and more. In addition to Meta and Samsung's upcoming Android XR headset, we're pleased to report that we now have more than 15 designs of smart glasses from our global partners. Smart glasses are now the best example of a new device category gaining scale because of AI.
We remain confident in our ability to achieve $2 billion in XR revenues by fiscal 2029. We continue to see strong demand in automotive for the Snapdragon Digital chassis and we are on course to reach our fiscal 2029 revenue target of $8 billion. During the quarter, we secured 30 new designs including five ADAS programs as well as designs from Chinese automakers such as Nio, Zeekr, Great Wall, Dongfeng and more. We also saw 14 commercial vehicle launches from global automakers utilizing our platforms with a total of 29 commercial vehicle launches since the start of the fiscal year. Additionally, last week at the Shanghai Auto show, we announced new collaborations with Visteon and PATEO to create next generation AI intelligent cockpit solutions based on our Snapdragon Cockpit Elite and with Disa SV to jointly deliver a suite of pre integrated ADAV solutions that support L1 and L2 plus functions.
Fiscal Q2 was a strong quarter for industrial IoT with notable new partnerships and recently the completion of two strategic acquisitions increasing our confidence in executing on our industrial IoT revenue target of $4 billion by fiscal 2029. In a major step toward advancing industrial intelligence at the edge, we're collaborating with Palantir to integrate their Ontelligent enterprise systems and AI capabilities on our advanced platforms. This collaboration will enhance real time insights and data driven decisions in remote and offline environments, enabling OEMs and enterprises to deploy scalable AI solutions for manufacturing, industrial and automotive applications. We acquired Edge Impulse, one of the industry's leading edge AI development platforms which enables more than 170,000 developers to build solutions for a wide range of applications such as asset tracking and monitoring, manufacturing anomaly detection and predictive maintenance systems using various AI capabilities including computer vision, time series, data, audio events and speech recognition. The development platform includes a comprehensive set of tools and features for data collection and preparation, model training, deployment and monitoring, all with an easy to use user friendly interface requiring little or no code at all. As AI accelerates the next phase of digital transformation, Edge Impulse combined with our AI hub creates a true world class industrial development platform for the age of intelligence. We also acquired FocusAI, a leader in computer vision at the edge, for an intelligent end-to-end edge AI and cloud management solution that enables real time insights and analysis. FocusAI solutions are now part of the new Qualcomm Dragon Wing Intelligent video suite, enhancing our video analytics AI portfolio.
Finally, in edge networking we launched the Dragon Wing fixed wireless access gen 4 elite platform based on the X85 and is the world's first 5G advanced FWA platform. It includes an AI co-processor that delivers up to 40 tops of AI processing power to optimize wireless connectivity across 5G broadband and Wi-Fi 7 and unlocks new GenAI capabilities at the network edge. I would now like to turn the call over to Akash.