Chip, Qualcomm, Wall Street, Refinitiv, Technology & Computing

Chip, Qualcomm

Qualcomm forecasts sales above Wall Street estimates on 5G, connected devices strength

Qualcomm forecasts sales above Wall Street estimates on 5G, connected devices strength

29/7/2021 12:14:00 AM

Qualcomm forecasts sales above Wall Street estimates on 5G, connected devices strength

: Qualcomm Inc on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including ...

Business:Qualcomm Inc on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including Apple Inc's iPhones, and a growing portfolio of other chips.FILE PHOTO: A Qualcomm sign is shown outside one of the company's many buildings in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake/File Photo

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29 Jul 2021 04:10AMShare this contentBookmarkREUTERS -Qualcomm Inc on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including Apple Inc's iPhones, and a growing portfolio of other chips.

The San Diego, California-based company is the biggest supplier of mobile phone chips in the world and the leader in 5G technology, supplying modem chips that help iPhones connect to wireless data networks and the modems and central processors for much of the Android market. headtopics.com

AdvertisementAdvertisementShares rose 2.1per cent in after-market trading after the results, which could alleviate some concerns among investors about the impact of a global chip shortage on the smart phone market, including the iPhone.The company is also benefiting from the exit from the global smartphone market of China's Huawei Technologies Co Ltd. Huawei's flagship models did not use Qualcomm chips but its rivals, who are now snapping up market share, mostly do.

Qualcomm has also been working to boost sales of other chips, such as radio-frequency chips that augment its 5G phone chips and whose sales have doubled in the past year. Sales are also growing for variety of chips for cars and for"internet of things," or IoT, applications.

In a statement, Qualcomm's Chief Executive Cristiano Amon said sales of those non-mobile chips were expected hit US$10 billion this year.AdvertisementAdvertisement“Our solutions are fueling 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," Amon said.

The expanded menu of offerings helped boost Qualcomm's chip revenue forecast, which had a midpoint of US$7.25 billion for the current fiscal fourth quarter, compared with analyst estimates of US$6.83 billion, according to Refinitiv data.Some analysts believe a global chip shortage has held back Qualcomm's sales. Qualcomm executives have said their own supply chain bottlenecks are easing, but some of Qualcomm's customers cannot find all the other chips they need to make full devices. Apple on Tuesday predicted slowing revenue growth and that the chip shortage would start to hit its iPhone in its current fiscal fourth quarter. headtopics.com

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Qualcomm forecast overall sales and adjusted profits with midpoints of US$8.8 billion and US$2.25 per share, above estimates of US$8.50 billion and US$2.04 per share, according to Refinitiv data.AdvertisementThe company predicted revenue with a midpoint of US$1.55 billion from its patent licensing business, compared with analyst expectations of US$1.56 billion, according to Refinitiv data.

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.Mobile handset chips remain Qualcomm's biggest seller, increasing 57per cent to hit US$3.86 billion in the quarter. But sales of other chips have been expanding, with radio frequency chips and IoT chips reaching sales of US$957 million and US$1.4 billion, up 114per cent and 83per cent from a year earlier, respectively.

(Reporting by Stephen NellisEditing by Sonya Hepinstall) Read more: CNA »

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