NEW YORK, July 29 ― Qualcomm Inc yesterday predicted a rise in sales of chips for 5G phones, including Apple Inc's iPhone, as the company said it had mitigated supply shortfalls that have contributed to a global chip shortage.
Shares were up 3.1 per cent to US$146.86 in after-market trading following the results, which could alleviate some concerns among investors about the impact of the shortage on the smart phone market, including the iPhone. Qualcomm said yesterday it expects sales of those chips to hit US$10 billion this fiscal year, up from US$6 billion the previous year. The company also said it expects adjusted profits of US$8.24 per share for its fiscal 2021, nearly double the year before.
“While there remain some parts tightness in some periphery chips in the smartphone sector, we don't think its material enough to cause any meaningful downside, as the industry will prioritize the supply for 5G instead of 4G,” said Kinngai Chan, an analyst at Summit Insights Group. For the fiscal third quarter ended June 27, Qualcomm said overall adjusted revenues and adjusted profits were US$8 billion and US$1.92 per share, higher than estimates of US$7.58 billion and US$1.68 per share, according to Refinitiv data.
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