PCs And Home Electronics Key To Qualcomm’s Future
Qualcomm may be sitting pretty as the world’s largest smartphone chipmaker, but the company’s new CEO sees expansion into computers, networking gear, and home electronics as key to its continual growth.
This comes after the computer delivered a strong September quarter forecast of earnings between $2.15 to $2.35 a share (all figures in USD), well ahead of Wall Street projections of $2.07.
Revenue will sit between $8.4 billion to $9.2 billion according to the company; Wall Street are less bullish, with predictions of around $8.5 billion.
This confidence comes as 5G becomes the standard, prompting the upgrading of global mobile networks, and the subsequent updating of consumers’ phones.
Qualcomm’s CEO Cristiano Amon says the company is on track to deliver $10 billion in revenue from outside its core smartphone market.
“The diversification is real,” he said. “We are becoming a company that’s critical to a lot of other industries.”
Amon says profits would have been even more impressive in the chip shortage wasn’t a factor, saying he expected a “material improvement in supply by the end of the year.”