IoT Drives Connected Devices, Helped by WFH: Qualcomm; Stock Up
Strong growth in IoT was driven by demand for connected devices, Qualcomm investors were told. Work from home creates more connectivity needs, said Chief Financial Officer Akash Palkhiwala, and the company expects those trends to continue this year. The company…
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isn't selling to Huawei and doesn’t have a license to do so, but President Cristiano Amon said the opportunity creates an expansion of the addressable market for its technologies unit: Qualcomm is “hedged” given its high traction with high-tier OEMs, but if, long term, it receives a license to sell to Huawei, it would be a “net positive.” China’s price-driven transition to 5G will have an impact on how fifth-generation wireless unfolds in emerging markets, he said. Amon said 130 operators globally are investing in millimeter wave. With device prices becoming “very reasonable” with mmWave, “that opportunity for attach is going to be a significant tailwind,” he said. The automotive industry, meanwhile, is moving at an “unprecedented rate,” said CEO Steve Mollenkopf, and the company expects to expand its share there “as we have done in smartphones.” 5G ramp up and “significant design wins” with OEMs drove a 73% surge in revenue to $8.3 billion for the quarter ended Sept. 27, said the chief. The company has more than 110 5G agreements, including all major handset makers, and forecasts 175 million-225 million units for calendar 2020. Shares closed 13% higher Thursday at $145.41.