Smartphone chip maker posts strong quarter and guidance, calming investor fears over a slowdown in shipments of Android smartphones in China.
Qualcomm rung up record revenue and solid earnings for its fiscal second quarter — led by share gains at Samsung and momentum in its diversification strategy to drive mobile technology into new industries.
The company reported record quarterly revenue of $11.2 billion, up 41 percent year over year. Adjusted earnings jumped 69 percent to $3.66 billion — or $3.21 per share. In the past, Samsung has used its own in-house processor in about half of its most advanced smartphones sold globally. Qualcomm also supplies processors to top Chinese smartphone makers including Xiaomi, Oppo and Honor.
In its Internet of Things business, Qualcomm posted quarterly sales of $1.7 billion — up 61 percent year over year. Its processors target far-flung computing devices that connect wirelessly to the Internet cloud, ranging from 5G laptops to smart cities infrastructure.
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