Qualcomm Posts Net Profit Growth of 140 Percent in the Previous Quarter

In its fiscal Q3, Qualcomm posted net profit growth of 140 percent to $2 billion. Revenue was $8.1 billion, 65 percent higher compared with the same period last year.

Company CEO Cristiano Amon said increased adoption of 5G and the changing landscape of the devices market in the wake of the decline of Huawei’s business for helping drive increased revenue and profit. Speaking on its fiscal Q3 (the three months ended 27 June) conference call, Amon noted in addition to continued momentum in its smartphone segment, Qualcomm was on-track to deliver $10 billion of annual revenue from RF front-end, IoT and automotive chips.

As part of its business diversification strategy Qualcomm aims to lead the evolution of the connected intelligent edge including aiding connectivity across cars; smart home; enterprise deployments including factories; PCs; extended reality and wearables. “Our solutions are fuelling the connected intelligent edge that is enabling the cloud economy, and we are seeing unprecedented demand for our technologies as the pace of digital transformation accelerates,“ added Amon.

Qualcomm CEO noted in its mobile division, key drivers in fiscal Q3 had been the continued growth of 5G and changing OEM landscape. He added the company’s addressable opportunity had been increased as its customers took spots in the upper part of the devices market following Huawei’s well documented decline.