Qualcomm, gains as mobile chip soars in demand!
Qualcomm Inc. posted record quarterly revenue as it gained market share on rivals!
Qualcomm reported revenue from chips for handsets rose 56% to $6.33 billion, and its chips for internet-connected smart devices went up 61% to $1.72 billion. sales rose 41% to $339 million
Qualcomm a leading supplier of chips for phones, cars and other devices, reported sales of $11.16 billion, for its fiscal quarter ended in March, generating $2.9 billion in net income.
Its sales guidance for the current quarter also came in ahead of the $10.03 billion analysts and FactSet were expecting.
*Qualcomm earnings conference tweet
We’re announcing our FY22 Q2 earnings right now. $QCOM Tune in here: https://t.co/K3KkgvYScF pic.twitter.com/LBR3OHJrzz
— Qualcomm (@Qualcomm) April 27, 2022
The company’s chips, feature in three-quarters of Samsung Electronics Co.’s newest smartphones, the Galaxy S22, up from 40% of previous-generation phones, he said. Chief Executive Cristiano Amon said
The higher-than-expected sales came despite an 11% fall in global smartphone shipments in the first quarter, according to a Bernstein Research.
Qualcomm has benefited from a surge in demand for smartphones and other electronics needed to support remote teaching and working from home. Qualcomm’s sales more than doubled since before the pandemic. WSJ Reports
Qualcomm,
best-known for its smartphone chips, recently has broaden its reach under Mr. Amon, who took over as CEO last year.
The company reported that its internet-of-things and automotive businesses grew at a rapid clip in the first quarter, boosting its results.
