Qualcomm CEO sees expansion in high-end telephones although economic system slows

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Leader Government Officer and President of Qualcomm Included Cristiano Amon speaks at a keynote convention right through GSMA’s 2022 Cellular Global Congress (MWC), in Barcelona, Spain, March 1, 2022. REUTERS/Albert Gea/Recordsdata

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DAVOS, Switzerland, Might 25 (Reuters) – Qualcomm Inc (QCOM.O) CEO Cristiano Amon sees expansion for the chip provider as customers an increasing number of need “higher telephones,” he mentioned in an interview on Wednesday on the Global Financial Discussion board, whilst speak about an financial slowdown dominates the development within the Swiss ski the city of Davos.

“Qualcomm has redefined its cellular way to be occupied with top class and high-tier, and we’re successful proportion in a flat marketplace,” Amon mentioned. “As an example, with units such because the Samsung Galaxy, we had a 40% proportion and now now we have in way over 75%.”

Amon mentioned the marketplace for smartphones is “mature,” proscribing expansion. Dangers to the worldwide economic system have crowned the troubles of the sector’s industry leaders, coverage makers and lecturers at the yearly Davos accumulating, with some bringing up the specter of a world recession. learn extra

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Amon mentioned that all over the COVID-19 pandemic, the usefulness of smartphones endured to extend, with larger reliance for Zoom conferences at paintings and faculty and for staying in contact with circle of relatives.

“Other folks need to have higher telephones, with extra features” Amon mentioned. “The ones are issues that can stay the cellular marketplace strong even within the face of inflation and with the danger of a slowdown.”

In April, Qualcomm forecast third-quarter earnings above analyst expectancies. learn extra

Qualcomm’s era powers augmented and digital fact units, together with the ones made by way of Fb proprietor Meta Platforms (FB.O), Amon mentioned, including that Qualcomm’s dating with Fb is “increasing.”

“Augmented fact might be as large as telephones,” he mentioned.

Qualcomm already has partnerships with Microsoft Inc (MSFT.O) and TikTok for digital and augmented fact units, and there are extra set to be introduced, Amon mentioned.

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Reporting by way of Jessica DiNapoli in Davos, Switzerland; Enhancing by way of Leslie Adler

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