Qualcomm shared its first-quarter earnings, beating some analyst expectations for revenues. Thanks to the growing Android business and strong demand from Chinese manufacturers, the chip giant managed to boost its sales and reported strong growth.
Qualcomm announced its Q1 fiscal 2022 results on Wednesday, where it also shared its forecast for Q2 revenues to be between $10.2 billion and $11 billion, above the analysts’ estimates, which is $9.61 billion, according to IBES data from Refinitiv (via Reuters).
Qualcomm said that there is a strong demand for its products and technologies, and that revenues exceeded expectations. The company announced back in November 2021, that it wants to diversify its portfolio and put more focus on computers, AR/VR technologies, as well as vehicles. The company recorded $8.85 billion in sales, up 35% from the same quarter last year. The growth slowed down, but that might have something to do with the global shortage.
“Our record quarterly results reflect the strong demand for our products and technologies, with QCT revenues exceeding those of any fabless semiconductor company,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.1 “We are at the beginning of one of the largest opportunities in our history, with our addressable market expanding by more than seven times to approximately $700 billion in the next decade. Our one technology roadmap positions us as the partner of choice for both mobile and the connected intelligent edge.”
Qualcomm benefitted from major Chinese vendors picking it to power smartphones and other devices. Ever since the HUAWEI trade-ban, companies such as OPPO, Xiaomi, Honor, and even HUAWEI in recent times strongly relied on Qualcomm to power smartphones. The company announced its latest Snapdragon 8 Gen 1 chipset, which can already be found in powerful high-end smartphones. The company also announced a gaming focus Snapdragon G3x Gen 1 chip, and the Snapdragon 8cx Gen 3, and 7c+ chips for Windows PCs and Chromebooks not that long ago.