Run on devices with AI
Qualcomm benefits from rising demand for cell phones
Thanks to rising demand for top-of-the-range cell phones, Qualcomm delivered a surprisingly positive outlook on Wednesday. The world's largest provider of smartphone processors expects sales of between 9.5 and 10.3 billion dollars for the current quarter.
The middle of this range is above the market expectation of 9.71 billion dollars. The same applies to earnings, which the company forecasts at between 2.45 and 2.65 dollars per share.
Share price up five percent
Qualcomm shares rose by more than five percent in after-hours trading. The advent of artificial intelligence (AI) in smartphones is prompting many consumers to upgrade their devices. They are also increasingly opting for the most technically advanced models in order to be able to use the new functions. Qualcomm has a relatively larger market share in premium cell phones than in other device classes, explained analyst Kinngai Chan from research firm Summit Insights.
Another promising product is the new Snapdragon Elite X PC chip for the Microsoft Windows operating system. This is already being used in some AI home computers and threatens the decades-long dominance of Intel and AMD in central processors for desktop PCs and laptops.
In the past quarter, Qualcomm generated surprisingly high revenues of 8.07 billion dollars with its chips. However, license revenues of 1.27 billion dollars fell short of market expectations.
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