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This is in line with the expectations of analysts who expected $9.36 billion on average.
Qualcomm provides 5G modems for connecting to the mobile network, including the processors of Apple’s iPhone and many smartphones with Google’s Android system. The decline in smartphone sales in recent years has also affected the chip company’s business.
In the first fiscal quarter ending in late December, sales rose 5% year over year to $9.9 billion. Profits rose 24 percent to $2.77 billion, Qualcomm announced after the U.S. stock market closed on Wednesday.
Chip sales for smartphones rose 16 percent annually to almost $6.7 billion. Business with the automotive industry even grew by 31 percent but was still significantly lower at $598 million.
Qualcomm’s share price was temporarily down a good one percent in after-hours U.S. trading. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
