Advertising and marketing services (AMS) revenue declined 4% year-over-year to $288 million, impacted by macroeconomic headwinds and a change in reseller partnership with Gray Media.
Cash and cash equivalents totaled $757 million at quarter end, with net leverage at 2.8x.
Distribution revenue was flat year-over-year at $370 million, supported by contractual rate increases despite subscriber declines.
Excluding the Gray Media impact, underlying AMS revenue declined 2% year-over-year.
Non-GAAP operating expenses decreased 3% year-over-year due to cost-cutting initiatives, primarily in compensation and outside services, partially offset by increased programming expenses.
Total adjusted EBITDA decreased 14% year-over-year to $151 million, reflecting revenue declines partially offset by cost savings.
Total company revenue for Q2 2025 decreased 5% year-over-year to $675 million, within the guidance range of down 4% to 7%.
Chipset business revenues were $9 billion, with automotive and IoT revenues increasing 21% and 24% year-over-year, respectively.
In fiscal Q3, Qualcomm delivered revenues of $10.4 billion and non-GAAP earnings per share of $2.77, near the high end of guidance.
Licensing business revenues were $1.3 billion with an EBT margin of 71%, above midpoint guidance.
QCT automotive revenues reached $984 million, up 21% year-over-year, driven by Snapdragon Digital Chassis platform content growth.
QCT delivered revenues of $9 billion and EBT of $2.7 billion, growing 11% and 22% year-over-year respectively, with a 30% EBT margin at the high end of guidance.
QCT handset revenues increased 7% year-over-year to $6.3 billion, driven by premium tier handsets and Snapdragon 8 Elite platform.
QCT IoT revenues grew 24% year-over-year to $1.7 billion, led by Snapdragon AR1 chipset demand.
Returned $3.8 billion to stockholders including $2.8 billion in stock repurchases and $967 million in dividends.
Dafinchi