Qualcomm
Q1 2023 Earnings Call
Feb 02, 2023, 4:45 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm first quarter fiscal 2023 earnings conference call. [Operator instructions] As a reminder, this conference is being recorded, February 2nd, 2023. The playback number for today's call is (877) 660-6853.
International callers, please dial (201) 612-7415. The playback reservation number is 13735295. I would now like to turn the call over to Mauricio Lopez-Hodoyan, vice president of investor relations. Mr.
Lopez-Hodoyan, please go ahead.
Mauricio Lopez-Hodoyan -- Vice President, Investor Relations
Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. In addition, Alex Rogers will join the question-and-answer session. You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website.
In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today. . During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends, or business or financial results. Actual events or results could differ materially from those projected in our forward-looking statements.
Please refer to our SEC filings, including our most recent 10-K which contain important factors that could cause actual results to differ materially from the forward-looking statements. And now to comments from Qualcomm's president and chief executive officer, Christiano Amon.
Cristiano Amon -- President and Chief Executive Officer
Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q1, despite the ongoing macroeconomic headwinds and short-term challenges impacting the semiconductor industry, we deliver revenues of $9.5 billion and non-GAAP earnings of $2.37 per share, including year-over-year growth in QCT Automotive in IoT. UCT revenues of $7.9 billion were down 11% year over year as a result of weaker handset demand and inventory drawdown.
In the current quarter, combined auto and IoT revenues represent 27% of total QCT revenues reflecting continued progress on revenue diversification. QTL delivered $1.5 billion in revenues within Q1. As the handset industry continues to experience reduced demand, we are now expecting elevated channel inventory levels to persist at least through the first half of calendar '23. In addition, multiple end industries within IoT are also experiencing weaker-than-expected demand and elevated inventory levels.