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(Reuters) -Qualcomm Inc on Wednesday 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.
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
Qualcomm total revenues rose 63% to nearly $8 billion, boosted by soaring sales of chips for connected devices that hit $1.4 billion.
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.
Qualcomm forecasts sales above Wall Street as supply bottlenecks ease
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Qualcomm forecasts sales above Wall Street as supply
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He also said that long-term supply contracts such as the one with Apple give Broadcom the confidence to invest in R&D to make [capital expenditure] capacity investment. And in return, we offer the best leading-edge technology in specific areas in a timely manner to our critical customers”.
Broadcom has been working to allocate the chips it can get to end market demand for electronics rather than to customer stockpiling, an effort analysts said seems to be working.
“While our industry checks do indicate significant double ordering in Broadcom s supply chain, we think Broadcom s customers are still unable to build much buffer inventory, said Kinngai Chan, an analyst at Summit Insights Group.